Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio. On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,000; Cruz, $1,800; and Perez, $1,200. Prepare journal entries to record Perez's withdrawal under each of the following separate situations: Perez is paid for her equity using partnership cash of (1) $1,200; (2) $1,600; and (3) $700.
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