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Problem 12-05A a-b On December 31, the capital balances and income ratios in Wildhorse Company are as follows. Capital Balance Partner Income Ratio Trayer $55.500
Problem 12-05A a-b On December 31, the capital balances and income ratios in Wildhorse Company are as follows. Capital Balance Partner Income Ratio Trayer $55.500 50% Emig 43,500 30% Posada 20% 32,500 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.) f the continuing partners agrees (1) Each pay $19,200 in 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 $25,000 cash (3) Posada is paid $37,220 from partnership assets, which includes a bonus to the retiring partner. (4) Posada is paid $24,340 from partnership assets, and bonuses to the remaining partners are recognized. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. LINK TEXT If Emig's capital balance after Posada's withdrawal is $46,800, 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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