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Problem 12-05A a-b On December 31, the capital balances and income ratios in Ivanhoe Company are as follows. Partner Trayer Emig Posada Capital Balance $59,000
Problem 12-05A a-b On December 31, the capital balances and income ratios in Ivanhoe Company are as follows. Partner Trayer Emig Posada Capital Balance $59,000 44,500 33,500 Income Ratio 50% 30% 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 $16,400 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 $23,600 cash. (3) Posada is paid $37,580 from partnership assets, which includes a bonus to the retiring partner. (4) Posada is paid $24,140 from partnership assets, and bonuses to the remaining partners are recognized. Debit Credit No. Account Titles and Explanation 1. V 2. V 3. V LINK TO TEXT If Emig's capital balance after Posada's withdrawal is $48,430, 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 question: Open Show Work
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