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Assume the following information just prior to the withdrawal of Partner X:
Required: Prepare journal entries to record the following unrelated scenarios:
- Partner X sells his interest to new partner T for $25,000.
- Partner X sells his interest to partner Y for $30,000.
- Partner X sells his interest and is paid a share of partnership net assets as follows
Partner Y receives a 60% share of the partnership interest of X.
Partner Z receives 40%.
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