QS 12-11 (Algo) Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (In ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equitles of the partners are: Lopez, $3,900; Cruz, $2,700, and Perez, $2,100. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $2,100; (2) $2,950; and (3) $1,150. View transaction list Journal entry worksheet 2 3 Record the retirement of Perez assuming that she is paid $2,950 for her equity. Note: Enter debits before credits. QS 12-11 (Algo) Partner withdrawal LO P4 Lopez, Cruz, and Perez are partners and share net Income and loss in a 7.3.1 ratio (In ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,900; Cruz, $2,700; and Perez, $2,100. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is pald for her equity using partnership cash of (1) $2,100; (2) $2,950; and (3) $1,150. View transaction list Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $1,150 for her equity. Note: Enter debits before credits