Problem 12-5A (Algo) Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20\%; Benson, 30\%; and Lau, 50\%). The partnership's capital balances are as follows: Meir, $58,000; Benson, $89,000; and Lau, $153,000. Benson decides to withdraw from the partnership. roblem 12-5A (Algo) Part 1 Prepare the journal entry to record Benson's withdrawal under cach independent assumptions. lote: Do not round intermediate calculations. Benson sells her interest to North for $160,000 ofter North is approved as a partner: (b) Benson gives her interest to a son-in-law, chmidt, and Schmidt is approved as a partner; (C) Benson is paid $89,000 in partnership cash for her equity; (C) Benson is paid Journal entry worksheet Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. Problem 12-5A (Algo) Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20\%; Benson, 30\%; and Lau, 50\%). The partnership's capital balances are as follows: Meir, $58,000; Benson, $89,000; and Lau, $153,000. Benson decides to withdraw from the partnership. roblem 12-5A (Algo) Part 2 Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the parthership on ebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: hode invests (b) $100,000;(b)$73,000; and (c)$131,000. lote: Do not round intermediate calculations. Journal entry worksheet Record the admission of Rhode with an investment of $100,000 for a 25% interest in the equity. Note: Enter debits before credits. Problem 12-5A (Algo) Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20\%; Benson, 30\%; and Lau, 50\%). The partnership's capital balances are as follows: Meir, $58,000; Benson, $89,000; and Lau, $153,000. Benson decides to withdraw from the partnership. roblem 12-5A (Algo) Part 2 Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on ebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: thode invests (a) $100,000;(b)$73,000; and (c)$131,000. Note: Do not round intermediate calculations. Journal entry worksheet Record the admission of Rhode with an investment of $73,000 for a 25\% interest in the equity. Note; Enter debits before credits. Problem 12-5A (Algo) Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20\%; Benson, 30\%; and Lau, 50\%). The partnership's capital balances are as follows: Meir, $58,000; Benson, $89,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Troblem 12-5A (Algo) Part 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead. Rhode is admitted to the partnership on cebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: thode invests (a) $100,000;(b)$73,000; and (c)$131,000 Note: Do not round intermediate calculations. Journal entry worksheet Record the admission of Rhode with an investment of $131,000 for a 25% interest in the equity. Note: Enter debits before credits
