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Please solve this whole 2nd part (a, b, and c). The first part was completed already, I have attached the screenshot of 1st part as
Please solve this whole 2nd part (a, b, and c). The first part was completed already, I have attached the screenshot of 1st part as well. Thanks!
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And this is part 1 below (already completed):
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 (The following information applies to the questions displayed below. 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, $118,000; Benson, $79,000; and Lau, $203,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 2 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) $133,333; (b) $97,333; and (c) $174,666. (Do not round your intermediate calculations.) 1 Record the admission of Rhode with an investment of $133,333 for a 25% interest in the equity. 2 Record the admission of Rhode with an investment of $97,333 for a 25% interest in the equity. 3 Record the admission of Rhode with an investment of $174,666 for a 25% interest in the equity. Transation General Journal Benson Capital North Capital (To record saleof interest to North) Debit 79000 Credit 79000 79,000 Benson Capital Schmidt Capital (To record saleof interest to his son in law) 79,000 79,000 Benson Capital Cash (To record payment made to Benson) 79,000 Benson Capital Meir Capital (117000-79000)*3/8 Lau Capital (117000-79000)*5/8 Cash (To record payment made to Benson) 79,000 14,250 23,750 117,000 79,000 11,600 Benson Capital Accumulated Depreciation Meir Capital (79000+11600-35500-15500)*3/8 Lau Capital (79000+1 1600-36000-16000)*5/8 Equipment Cash (To record payment made to Benson) 14,850 24,750 35,500 15,500 or it can also be done in this way 79,000 Benson Capital Meir Capital (79000-23900-15500)*3/8 Lau Capital (79000-23900-15500)*5/8 Equipment (35500-11600) Cash (To record payment made to Benson) 14,850 24,750 23,900 15,500Step by Step Solution
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