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[The following information applies to ine questions displayed below.] The partnership of Ace, Jack, and...

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[The following information applies to ine questions displayed below.] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spede decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 2015 Ace, Capital Jack, Capital Spade, Capital $150,000 200,000 120,000 The partners allocate partnership Income and loss in the ratio 20 30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. c. Spade received $180,000 of partnership cash upon retirement Capital of the partnership after Spade's retirement was $290,000. (14 no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet

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