Huang-Kang-Lung Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Huang, 40% to Kang and 30% to Lung. At 31 December 2015, the firm has the following on its balance sheet: (Click on the icon to view the balance sheet.) On 31 December, Huang withdraws from the partnership. X X Balance sheet Requirement Assets Liabilities Record Huang's withdrawal from the partnership under the following independent plans: Cash $ 42 000 Accounts payable $ 74 000 1. In a personal transaction, Huang sells her equity to Wo, who pays Huang $130 000 for her interest. Kang and Lung agree to accept Wo as a partner. Accounts receivable, net 19 000 2 . The partnership pays Huang cash of $15 000 and agrees to make a further payment later for the Inventory 63 000 Partners' equity remainder of her book equity in settlement of her partnership interest. Equipment, net 74 000 Huang, capital 34 000 3. The partnership pays Huang $60 000 for the book value of her equity. 4. The partnership pays Huang $19 000 for the book value of her equity. Kang, capital 45 000 Lung, capital 45 000 198 000 $ 198 000 Total assets Total liabilities and partners' equity Print Done Print Done