Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $103,000; Benson, $69,000; and Lau, $178,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement.

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 Rhodes entry into the partnership under each of the following separate assumptions: Rhode invests (a) $116,667; (b) $85,167; and (c) $152,834. (Do not round your intermediate calculations.)

General Journal Credit No 1. Transaction (a) Debit 116,667 Cash Rhode, Capital 116,667 (b) Cash Meir, Capital Lau, Capital Benson, Capital Rhode, Capital 85,167 7,088 11,812 4,725 108,792 (c) Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital 152,834 8,138 % 5,425 % 13,563 125,709