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Hi I need help with this question UID- December J, Le Capital Dalallces alu PIUIL ANU IUSSI ALIUS III LIIe l'INJ Palle SIIIP are as
Hi I need help with this question
UID- December J, Le Capital Dalallces alu PIUIL ANU IUSSI ALIUS III LIIe l'INJ Palle SIIIP are as IUIIUWS Partner B. McLaren P. Ready D. Symes Capital Balance $92,000 79,000 46,000 Profit and loss ratio 56% 19% 25% Assume Symes withdraws from the partnership on December 31 of the current year under each of the following independent conditions: (a) Symes is paid $43,000 cash from partnership assets. (b) Symes is paid $52,000 cash from partnership assets. (C) McLaren and Ready agree to purchase Symes' equity by paying $24,000 each from their personal assets. Each purchaser receives 50% of Symes' equity. (d) Ready agrees to purchase all of Symes' equity by paying $52,000 cash from his personal assets. (e) McLaren agrees to purchase all of Symes' equity by paying $41,000 cash from his personal assets. (f) Symes withdraws $46,000 cash from the partnership. (a) Journalize the withdrawal of Symes under each of the above assumptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b)Step by Step Solution
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