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please answer all requirments. Hu - Ke - Li Oriental Design is a partnership owned by three individuals. The partners share profits and losses in
please answer all requirments.
Hu - Ke - Li Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Hu, 40% to Ke, and 30% to Li. At December 31,2024 , the firm has the following balance sheet. (Click on the icon to view the balance sheet.) On December 31, Hu withdraws from the partnership. Requirement 1. In a personal transaction, Hu sells her equity to Wu, who pays Hu $135,000 for her interest. Ke and Li agree to accept Wu as a partner. (Record dobits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. The partnership pays Hu cash of $35,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 3. The partnership pays Hu $55,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Requirement 4. The partnership pays Hu $1,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Step by Step Solution
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