X,Y,and Z are partners who share profits and losses in a ratio of 1:2:3,respectively.Z's Capital account has a $60,000 balance.X and Y have agreed to let Z take $78,000 of the company's cash when he retires.Prepare an entry in journal form without explanation to record Z's exit,including the recognition of a bonus to Z
Definitions:
Machine-Hours
A measure of production volume in terms of the total hours machines are operated in the manufacturing process.
Departmental Predetermined Rates
Rates used to allocate departmental overhead costs, established in advance based on expected costs and activity levels.
Machine-Hours
A measurement unit representing the operational time of a machine, typically used in manufacturing to allocate costs based on usage.
Selling Price
Selling Price is the amount a buyer pays to purchase an item or service from a seller.
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