P12-27A Accounting for withdrawal of a partner Hu-Kuo-Lo Oriental Design is a partnership owned by three share profits and losses in the ratio of 30% to Hu, 4096 to Kuo, and 3096 to December 31, 2016, the firm has the following balance sheet. On December 51 withdraws from the partnership. individuals. The partners Lo. Ar 31, Hu HU-KUO-LO ORIENTAL DESIGN Balance Sheet December 31, 2016 Assets Liabilities Cash Accounts Receivable, Net Merchandise Inventory Equipment, Net $ 17,0001 Accounts Payable 81,000 14,000 96,000 75,000 Hu, Capital Partners' Equity Kuo, Capital Lo, Capital Total Partners' Equity 33,000 40,000 48,000 121,000 5 202,000 Total Assets 5 202,000 Total Liabilities and Partners' Equity Requirements Record Hu's withdrawal from the partnership under the following independent plans 1. In a personal transaction, Hu sells her equity to Wong, who pays Hu $140.000 for her interest. Kuo and Lo agree to accept Wong as a partner. 2. The partnership pays Hu cash of $15,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest. 3. The partnership pays Hu $45,000 for her book equity. 4. The partnership pays Hu $18,000 for her book equity