4) Smith, White, and Saint are partners owning the Book Nook. The equities of the partners are $60,000, $50,000, and $40,000, respectively. They share profits and losses equally White wishes to retire on May 31, 20XX. Prepare the general journal entries to record White's retirement under each independent assumption. a. White is paid $50,000 in partnership cash. b. White is paid $40,000 in partnership cash. c. White is paid $55,000 in partnership cash. 5)Hall and Mason share profits and losses equally and have capital balances of $60,000 and $40,000, respectively. Taylor is to be admitted on January 2, 20XX, and is to receive a one-third interest in the firm. Prepare the general journal entries to record the addition of Taylor as a partner under the following unrelated circumstances. a. Taylor invests $50,000 b. Taylor invests $62,000. c. Taylor invests $47.000