Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances: 
The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:3:2, in the order given. Paulson is retiring from the partnership on December 31, 2013. Paulson's capital account is settled at book value. Journalize the cash payment to Paulson upon retirement.
Definitions:
Course of Dealing
The pattern of previous conduct between parties to a contract that establishes a common basis for their understanding.
Trade Usage
Common practices or customs within a particular industry, which can sometimes be recognized as legally binding in contractual agreements.
Express Warranty
A promise or guarantee made by a seller regarding the quality, functionality, or condition of a product, specifically stated to the buyer.
Implied Warranty
A legal term for the assurance that a product is fit for its intended purpose, even if not expressly stated.
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