QS 12-8 Partner withdrawal LO P4 Lopez. Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio on ratio form: Lopez, 6/1t Cruz, 41, and Perez, ). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,200, Cruz $3,000, and Perez, $2,400. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $2,400; (2) $3,400, and (3) $1,300 View transaction fist Journal entry worksheet > Record the retirement of Perez assuming that she is paid $1,300 for her equity Debit Credit General Journal Dec 31 Required information OS 12-9 Liquidation of partnership LO P5 The following information applies to the questions displayed below) The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,800, Brown $166,700, and Snow. $156,000 The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48.900 in partnership cash remained, OS 12-9 Part 1 1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors (Losses and negative capital balances, if any, should be entered with a minus sign.) Field thrown Snow Tots Initial investments Allocation of gains (s) Capital balances