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:
Self-Determination
The principle that individuals or groups have the right to make their own choices and control their own lives without external coercion.
NASW Code
A set of guidelines set by the National Association of Social Workers to outline the ethical responsibilities and standards of the profession.
Informed Consent
The process by which an individual voluntarily agrees to participate in a particular activity, such as research or treatment, based on a full understanding of the potential risks and benefits involved.
Integrity
The characteristic of integrity and adherence to high ethical standards.
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