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Problem 12-05A a-b On December 31, the capital balances and income ratios in Sunland Company are as follows. Partner Capital Balance Income Ratio Trayer $64,500

Problem 12-05A a-b

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

Partner

Capital Balance

Income Ratio

Trayer $64,500 50%
Emig 35,000 30%
Posada 34,500 20%
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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 $19,600 in cash from personal funds to purchase Posadas ownership equity. Each receives 50% of Posadas equity.

(2) Emig agrees to purchase Posadas ownership interest for $24,200 cash.
(3)

Posada is paid $37,700 from partnership assets, which includes a bonus to the retiring partner.

(4) Posada is paid $25,780 from partnership assets, and bonuses to the remaining partners are recognized.

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If Emigs capital balance after Posadas withdrawal is $38,930, 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 $

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