part 1 and 2 please

Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North for $160,000 after North is approved as a partner. b. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. c. Benson is paid $138,000 in partnership cash for her equity. d. Benson is paid $214,000 in partnership cash for her equity. e. Benson is paid $30,000 in partnership cash plus equipment recorded on the partnership books at $70.000 less its accumulated depreciation of $23,200. Check t au. Cao Part 2. Assume that Benson does not retire from the partnership described in part 1. Instead, Rhode is admit- ted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $200,000; (b) $145,000; and (c) $262.000. 200 Benson Coote 59