Prior to the distribution of cash to the partners, the accounts in the Carla Vista Company are Cash $23,200; Vogel, Capital (Cr.) $16,200; Utech, Capital (Cr.) $14,200; and Pena, Capital (Dr.) $7,200. The income ratios are 5:3:2, respectively. Carla Vista Company decides to liquidate the company. (a) Prepare the entry to record (1) Pena's payment of $7,200 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (1) (2) K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $25,000, $21,000, and $12,000, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) a. Purchase of 50% of Kolmer's equity for $18,000. b. Purchase of 50% of Eidman's equity for $6,000. C. Purchase of 33% of Ryna's equity for $10,000. a. b. Account Titles and Explanation eTextbook and Media Debit Credit S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $104,000 and $58,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. (a) Investment of $91.000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Cash W. Wolford, Capital 5.Pagan, Capital T.Tabor, Drawings Debit 91000 Credit N. Essex, C. Gilmore, and C. Heganbart have capital balances of $52,500, $41,000, and $27,800, respectively. Their income ratios are 4:4:2. Heganbart withdraws from the partnership under each of the following independent conditions. 1 Essex and Gilmore agree to purchase Heganbart's equity by paying $17.800 each from their personal assets. Each purchaser receives 50% of Heganbart's equity. 2. Gilmore agrees to purchase all of Heganbart's equity by paying $14,200 cash from her personal assets. 3. Essex agrees to purchase all of Heganbart's equity by paying $20,000 cash from his personal assets. Journalize the withdrawal of Heganbart under each of the assumptions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation 1. Debit Credit 2. 3. B. Higgins, J. Mayo, and N. Rice have capital balances of $82,500, $82,000, and $66,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1 Rice is paid $70,320 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $55,600 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice under each of the assumptions above. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 1. 2. Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $111,000,$61,000, and $36,000, respectively. (a) Assume Garrett joins the partnership by investing $83,200 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit