Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio: Meir, $133,000; Benson, $89,000; and Lau, $228,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement.

Benson (a) sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner; (b) gives her interest to a son-in-law, Schmidt, and thereafter Meir and Lau accept Schmidt as a partner. (c) is paid $89,000 in partnership cash for her equity; (d) is paid $127,000 in partnership cash for her equity; and (e) is paid $12,000 in partnership cash plus equipment recorded on the partnership books at $32,000 less its accumulated depreciation of $11,600

Assignment I Saved Meir. Benson, and L follows: partners agree not to have the assets revalued upon Benson's retirement. au are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as Meir. $133.000: Benson, $89.000: and Lau, $228,000. Benson decides to withdraw from the partnership. and the Prepare the journal entry to record Benson's withdrawal from the partnership under each of the following independent assumptions (Do not round Intermedlate calcuiations.) Benson (a) sells her interest to North for $150,000 after Meir and Lau approve the entry of North as a partner: (b) gives her interest to a son-in-law. Schmidt, and thereafter Meir and Lau accept Schmidt as a partner, (c) is paid $89.000 in partnership cash for her equity (d) is paid $127000 in partnership cash for her equity: and (e) is paid $12,000 in partnership cash plus equipment recorded on the partnership books at $32.000 less its accumulated depreciation of $11,60o. View tramsaction ist Journal entry worksheet 3 Record the withdrawal of Benson sells her interest to North for $160.000 after Meir and Lau approve the entry of North as a partner Note: Enter debits before credits Transaction : General Journal Delbit Credit Net>