1. Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Record the withdrawal of Benson on the assumption that she gives her interest to a son-in-law, Schmidt and Schmidt is approved as a partner. 3. Record the withdrawal of Benson on the assumption that she is paid $139,000 in partnership cash for her equity. 4. Record the withdrawal of Benson on the assumption that she is paid $177,000 in partnership cash for her equity. 5. Record the withdrawal of Benson on the assumption that she is paid $12,500 in partnership cash plus equipment recorded on the partnership books at $32,500 less its accumulated depreciation of $11,600 for her equity.

2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhodes entry into the partnership under each separate assumption: Rhode invests (a) $116,667; (b) $85,167; and (c) $152,834. (Do not round your intermediate calculations.)

1. Record the admission of Rhode with an investment of $116,667 for a 25% interest in the equity. 2. Record the admission of Rhode with an investment of $85,167 for a 25% interest in the equity. 3. Record the admission of Rhode with an investment of $152,834 for a 25% interest in the equity.

Required information (The following information applies to the questions displayed below.) Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $139,000 in partnership cash for her equity; (d) Benson is paid $177,000 in partnership cash for her equity; and (e) Benson is paid $12,500 in partnership cash plus equipment recorded on the partnership books at $32,500 less its accumulated depreciation of $11,600