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just needing assitance with part b) On December 31, the capital balances and income ratios in Cullumber Company are as follows. Partner Capital Balance Income
just needing assitance with part b)
On December 31, the capital balances and income ratios in Cullumber Company are as follows. Partner Capital Balance Income Ratio $63,000 Trayer Emig Posada (a) (1) (2) (3) (4) 1. 42,000 25,500 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.) 2. Your answer is correct. 3. No. Account Titles and Explanation Posada, Capital Each of the continuing partners agrees to pay $18,800 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. Emig agrees to purchase Posada's ownership interest for $23,000 cash. sada is paid $29,660 from partnership assets, which includes a bonus to the retiri partner. Posada is paid $16,140 from partnership assets, and bonuses to the remaining partners are recognized. Trayer, Capital Emig. Capital Posada, Capital 50% Emig, Capital 30% Posada, Capital 20% Trouer Copital Debit 25500 25500 25500 2600 Credit 12750 12750 25500
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