Question
Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Journalize the withdrawal of Posada under each of the following assumptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)Each of the continuing partners agrees to pay $16,800in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity.(2)Emig agrees to purchase Posada's ownership interest for $24,600cash.(3)Posada is paid $34,720from partnership assets, which includes a bonus to the retiring partner.(4)Posada is paid $20,480from partnership assets, and bonuses to the remaining partners are recognized.
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