Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). 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.

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) $200,000; (b) $145,000; and (c) $262,000.

Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30\%; Benson, 20\%; and Lau, 50\%). 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. 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the parthership on cebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the parthership under each separate assumption: hhode invests (a) $200,000;; (b)$145,000; and (c)$262,000. Note: Do not round intermediate calculations. Journal entry worksheet Record the admission of Rhode with an investment of $200,000 for a 25% interest in the equity. Note: Enter debits before crodita