Question
Prepare the journal entry to record Benson's withdrawal from the partnership under each of the following independent assumptions. (Do not round intermediate calculations.) Benson (a)
Prepare the journal entry to record Benson's withdrawal from the partnership under each of the following independent assumptions. (Do not round intermediate calculations.) Benson (a) sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner; (b) gives her interest to a son-in-law, Schmidt, and thereafter Meir and Lau accept Schmidt as a partner; (c) is paid $79,000 in partnership cash for her equity; (d) is paid $117,000 in partnership cash for her equity; and (e) is paid $15,500 in partnership cash plus equipment recorded on the partnership books at $35,500 less its accumulated depreciation of $11,600.
a.)Record the withdrawal of Benson sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner.
b.)Record the withdrawal of Benson on the assumption that she gives her interest to a son-in-law, Schmidt and thereafter Meir and Lau accept Schmidt as a partner.
c.)Record the withdrawal of Benson on the assumption that she is paid $79,000 in partnership cash for her equity.
d.)Record the withdrawal of Benson on the assumption that she is paid $117,000 in partnership cash for her equity.
e.)Record the withdrawal of Benson on the assumption that she is paid $15,500 in partnership cash plus equipment recorded on the partnership books at $35,500 less its accumulated depreciation of $11,600 for her equity.
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