Simonsen,Paulson,and Richardson Are Partners in a Firm with the Following

question 67

Multiple Choice

Simonsen,Paulson,and Richardson are partners in a firm with the following capital account balances:

Paulson is retiring from the partnership on December 31,2017.The profit-and-loss-sharing ratio among Simonsen,Paulson,and Richardson is 1:3:2,in the order given.Paulson is paid $100,000 cash in full compensation for her capital account balance.Which of the following journal entries would the firm record for this transaction?

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Definitions:

Amygdala

A part of the brain's limbic system involved in emotion processing, fear responses, and memory.

Endometrium

The mucous membrane lining the uterus, which thickens during the menstrual cycle in preparation for possible implantation of an embryo.

Hippocampus

A structure of the brain that is involved in memory formation.

Personal Fable

A belief held by adolescents that they are special and unique, leading to the notion that others cannot understand them and they are invulnerable to harm.