2 Assumption \#3: 3 Tower's capital balance: Payment to Tower Bonus to Tower: 4 Assumption H: Tower's capital balance: Payment to Tower Bonus to remaining partners: (Increases to capital balances of remaining partners, and divided up based on income ratios.) Withdrawal journal entries: On December 31, the capital balances and income ratios in the ART Company are as follows: Journalize the withdrawal of Tower under each of the following assumptions. SHOW your calculation (HINT: Once Tower leaves the partnership, the income sharing ratio does not equal 100% ): 1. Each of the remaining partners agrees to pay $12,000 cash from personal funds to purchase Tower's ownership equity. Each receives 50% of Tower's equity. 2. Ross agrees to purchase Tower's ownership interest for $18,000 cash. 3. From partnership assets, Tower is paid $29,000, which includes a bonus to him. 4. Tower is paid $17,000 from partnership assets, and bonuses to the remaining partners are recognized