Part1: 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.

Part 2: Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted 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 (c) $262,000.