Problem 12-05A a-b

On December 31, the capital balances and income ratios in Oriole Company are as follows.

Partner

Capital Balance

Income Ratio

Trayer

$56,500 50%

Emig 40,500 30%

Posada 32,000 20%

Journalize the withdrawal of Posada under each of the following assumptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1)Each of the continuing partners agrees to pay $19,200in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity.

2)Emig agrees to purchase Posada's ownership interest for $23,600cash.

(3)Posada is paid $35,600from partnership assets, which includes a bonus to the retiring partner.

(4)Posada is paid $23,840from partnership assets, and bonuses to the remaining partners are recognized.

If Emig's capital balance after Posada's withdrawal is $44,070, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada?

(1)Total bonus$

(2)Cash paid to Posada$

Click if you would like to Show Work for this que