Assets		Liabilities
Cash	$17,000	Accouts Payable	$81,000
Accounts Receivable, Net	14,000	Partners Equity
Merchandise Inventory	96,000	Hu, Capital	33,000
Equimpment Net	75,000	Kuo, Capital	40,000
		Lo, Capital	48,000
		Total Partners Equity	$121,000
Total Assets	$202,000	Total Liabilities and Partners' Equity	202,000

Hu - Kuo - Lo Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Hu, 40% to Kuo and 30% to Lo. At December 31, 2016, the firm has the above balance sheet.

On December 31,Hu withdraws from the partnership.

Requirement 1. In a personal transaction,Hu sells her equity to Wong, who pays Hu $140,000 for her interest. Kuo and Lo agree to accept Wongas a partner. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date	Accounts and Explanation	Debit	Credit

Requirement 2.

The partnership pays Hu cash of $15,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date	Accounts and Explanation	Debit	Credit

Requirement 3.

The partnership pays Hu $ 45,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.)

Date	Accounts and Explanation	Debit	Credit

Requirement 4.

The partnership pays Hu $18,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.)

Date	Accounts and Explanation	Debit	Credit