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On December 31, the capital balances and income ratios in Cullumber Company are as follows. (a) Your answer is correct. Journalize the withdrawal of Posada
On December 31, the capital balances and income ratios in Cullumber Company are as follows. (a) Your answer is correct. Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automaticaliy indented when amount is entered. Do not indent manualik) (1) Each of the continuing partners agrees to pay $18,800 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 $23,000cash. (2) Emig agrees to purchase Posada's ownership interest for $23,000cash. (3) Posada is paid $29,660 from partnership assets, which includes a bonus to the retiring partner. (4) Posada is paid $16,140 from partnership assets, and bonuses to the remaining partners are recognized. 3. 4. 3510 If Emig's capital balance after Posada's withdrawal is $45,660, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Totalbonus (2) Cash paid to Posada
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