Requir d information 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. Problem 12-5A (Algo) Part 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. Note: Do not round intermediate calculations. (a) Benson sells her interest to North for $160,000 after North is approved as a partner, (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner: (c) Benson is paid $89.000 in partnership cash for her equity; (d) Benson is paid $127,000 in partnership cash for her equity. Journal entry worksheet Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. Note: Enter debits before credits. Journal entry worksheet Record the withdrawal of Benson on the assumption that she gives her interest to a son-in-law, Schmidt and Schmidt is approved as a partner. Note: Enter debits before credits. Journal entry worksheet 1 Record the withdrawal of Benson on the assumption that she is paid $89,000 in partnership cash for her equity. Note: Enter debits before credits. Journal entry worksheet (1) 2 Record the withdrawal of Benson on the assumption that she is paid $127,000 in partnership cash for her equity. Note: Enter debits before credits