Assume the partnership of Dean, Hardin, and Roth has been in existence for a number of years.Dean decides to withdraw from the partnership when the partners' capital balances are as follows: 
An appraisal of the business and its property estimates the fair value to be $ 100,000. Dean has agreed to receive $64,000 in exchange for his partnership interest.Prepare the journal entry for the payment to Dean in the dissolution of his partnership interest, assuming the bonus method is to be applied.
Definitions:
Timeliness
The importance of making or delivering something within an expected time frame for it to be relevant or useful.
Decision Making
is the process of selecting a course of action from multiple alternatives to achieve a specific objective.
Liabilities
Financial obligations or debts that a company owes to outside parties, including loans, accounts payable, mortgages, and accrued expenses.
Stockholders' Equity
The equity capital that is contributed by shareholders plus the retained earnings of the company. It represents the residual value of assets after liabilities have been settled.
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