Question 10 of 10 3/6 E Current Attempt in Progress On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Capital Balance $62,500 37,500 Income Ratio 50% Trayer Emig 3096 Posada 30,000 20% (a) Your answer is correct 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.) 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) (2) 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. Emig agrees to purchase Posada's ownership interest for $25,000 cash. Posada is paid $33,680 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $21,360 from partnership assets, and bonuses to the remaining partners are recognized (3) (4) Debit Credit No. Account Titles and Explanation 30000 1. Posada, Capital 15000 Trayer, Capital 15000 Emig. Capital 30000 2 2. Posada, Capital 2. Posada Capital 30000 Emig, Capital 30000 3. Posada Capital 30000 Trayer, Capital 2300 Emig. Capital 1380 Cash 33680 Posada Capital 30000 Trayer. Capital 5400 Emig. Capital 3240 Cash 21360 (b) * Your answer is incorrect of Emig's capital balance after Posada's withdrawal is $41,430, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus 12570 (2) Cash paid to Posada $ 17430 e Textbook and Media Attempts: 1 of 5 used Submit Answer Save for Later