A summary balance sheet for the Uma,Van,and Walter partnership on December 31,2011 is shown below.Partners Uma,Van,and Walter allocate profit and loss in their respective ratios of 4:5:7.The partnership agreed to pay Walter $227,500 for his partnership interest upon his retirement from the partnership on January 1,2012.Any payments exceeding Walter's capital balance are treated as a bonus from partners Uma and Van.
Required:
Prepare the journal entry to reflect Walter's retirement.
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