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Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's solo proprietorship. The market value of Derr's equipment is $5,800 and the market value of land is $8,800. Balance Sheet $ 5,300 3,900 9,200 Assets Cash Supplies Equipment Accumulated depreciation Equip. Land Total assets $ 1,800 3,800 $ 15,000 (12,200) 2,800 4,800 $ 13,200 Llabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity 4,000 $ 13,200 (The following information applies to the questions displayed below) Meir Benson, and Lau are partners and share income and loss in a t4:5 ratio (in percents: Melr, 10%: Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir $28,000; Benson, $119,000, and Lau, $153,000. Benson decides to withdraw from the partnership. References Section Break Problem 12-5A Partner withdrawal and admission LO P3, P4 Award: 5.00 points Problem 12-5A Part 2 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) $100,000; (b) $73,000; and (c) $131,000. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Pald-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders' equity $ 860.000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of reci Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,688 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,812 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Journal entry worksheet >