Linda Ratzlaff decides to purchase from an existing partner for $50,000 a one-third interest in a partnership. What effect does this transaction have on partnership net assets? *18. Steve Renn decides to invest $25,000 in a partnership for a one-sixth capital interest. How much do the partnership's net assets increase? Does Renn also acquire a one-sixth income ratio through this investment? *19. Kate Robidou purchases for $72,000 Grant's interest in the Sharon-Grant partnership. Assuming that Grant has a $66,000 capital balance in the partnership, what journal entry is made by the partnership to record this transaction? *20. Tracy Harper has a $39,000 capital balance in a partnership. She sells her interest to Kim Remington for $45,000 cash. What entry is made by the partnership for this transaction? *21. Debbie Perry retires from the partnership of Garland, Newlin, and Perry. She receives $85,000 of partnership assets in settlement of her capital balance of $77,000. Assuming that the income- sharing ratios are 5 : 3 : 2, respectively, how much of Perry's bonus is debited to Newlin's capital account? *22. Your roommate argues that partnership assets should be revalued in situations like those in question 21. Why is this generally not done? *23. How is a deceased partner's equity determined?Linda Ratzlaff decides to purchase from an existing partner for $50,000 a one-third interest in a partnership. What effect does this transaction have on partnership net assets? *18. Steve Renn decides to invest $25,000 in a partnership for a one-sixth capital interest. How much do the partnership's net assets increase? Does Renn also acquire a one-sixth income ratio through this investment? *19. Kate Robidou purchases for $72,000 Grant's interest in the Sharon-Grant partnership. Assuming that Grant has a $66,000 capital balance in the partnership, what journal entry is made by the partnership to record this transaction? *20. Tracy Harper has a $39,000 capital balance in a partnership. She sells her interest to Kim Remington for $45,000 cash. What entry is made by the partnership for this transaction? *21. Debbie Perry retires from the partnership of Garland, Newlin, and Perry. She receives $85,000 of partnership assets in settlement of her capital balance of $77,000. Assuming that the income- sharing ratios are 5 : 3 : 2, respectively, how much of Perry's bonus is debited to Newlin's capital account? *22. Your roommate argues that partnership assets should be revalued in situations like those in question 21. Why is this generally not done? *23. How is a deceased partner's equity determined?