Part 1. Goering, Gore, and Schmit are partners and share income and loss in a 3:2:5 ratio. The part¬ nership’s capital balances are as follows: Goering, $84,000; Gore, $69,000; and Schmit, $147,000. Gore decides to withdraw from the partnership, and the partners agree to not have the assets reval¬ ued upon Gore’s retirement. Prepare journal entries to record Gore’s February 1 withdrawal from the partnership under each of the following separate assumptions: Gore

(a) sells his interest to Getz for $80,000 after Goering and Schmit approve the entry of Getz as a partner;

(b) gives his interest to a son-in-law, Swanson, and thereafter Goering and Schmit accept Swanson as a partner;

(c) is paid $69,000 in partnership cash for his equity;

(d) is paid $107,000 in partnership cash for his equity; and

(e) is paid $15,000 in partnership cash plus equipment recorded on the partnership books at $35,000 less its accumulated depreciation of $11,600.

Part 2. Assume that Gore does not retire from the partnership described in Part 1. Instead, Ford is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Ford’s entry into the partnership under each of the following separate assumptions: Ford invests

(a) $100,000; (Jy) $72,500; and

(c) $131,000.