Problem 12-5A 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 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership.

Problem 12-5A Part 2

2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhodes entry into the partnership under each separate assumption: Rhode invests (a) $100,000; (b) $73,000; and (c) $131,000. (Do not round your intermediate calculations.)

Journal entry worksheet 2 3 Record the admission of Rhode with an investment of $100,000 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal Journal entry worksheet 3 Record the admission of Rhode with an investment of $73,000 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (b) Record entry Clear entry View general journal Journal entry worksheet