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eck my work Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and
eck my work Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership. 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 Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. Note: Do not round intermediate calculations. View transaction list Journal entry worksheet 1 2 3 Record the admission of Rhode with an investment of $133,333 for a 25% interest in the equity.
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