On December $31,$ the capital balances and income ratios in Sheridan Company are as follows.

$($a$)$

Journalize the withdrawal of Posada under each of the following assumptions. $($Credit account titles are

automatically indented when amount is entered. Do not indent manually.$)$

$(1)$ Each of the continuing partners agrees to pay $$18,600$ in cash from personal funds to purchase Posada's

ownership equity. Each receives $50\%$ of Posada's equity.

$(2)$ Emig agrees to purchase Posada's ownership interest for $$23,000$ cash.

$(3)$ Posada is paid $$34,100$ from partnership assets, which includes a bonus to the retiring partner.

$(4)$ Posada is paid $$20,980$ from partnership assets, and bonuses to the remaining partners are recognized.

No$.$ Account Titles and Explanation

Debit

Credit

$.$