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Meir, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $168,000; Benson, $138,000:

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Meir, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $168,000; Benson, $138,000: and Lau, $294,000. Benson decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Benson's entries to Benson's February 1 withdrawal from the partnership under each of the following assumptions: Benson sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner: gives her interest to a son-in-law Schmidt and thereafter Meir and Lau accept Schmidt as partner; is paid$138,000 in partnership her equity; is paid $214,00 partnership cash for her equity: and (e) is paid $30,000 in partnership each plus equipment recorded on the partnership books at $70,000 less its accumulated check melon Lau Cap depreciation of $23.200 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 of the following separate assumptions: Rhode invests (a)$200,000:(b) $145,000; and (e) $262,000

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