Required 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 14:5 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 (Algo) Part 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (o) 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-low. Schmidt, and Schmidt is approved as a partner, (c) Benson is paid $119,000 in partnership cash for her equity. (d) Benson is paid $157,000 in partnership cash for her equity View transaction list Journal entry worksheet 2 3 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. Transaction (a) General Journal Debit Credit Record entr Clear.entpr View transaction list X 1 Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. 2 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. 3 Record the withdrawal of Benson on the assumption that she is paid $119,000 in partnership cash for her equity. 4 Record the withdrawal of Benson on the assumption that she is paid $157,000 in partnership cash for her equity. 00 after Credit Note: = Clear entry View generalic journal entry has been entered Record entry Problem 12-5A (Algo) 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 Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $100,000, (b) $73,000, and (c) $131,000. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 Record the admission of Rhode with an Investment of $100,000 for a 25% interest in the equity. flote: Enter debits before credits. Transaction (0) General Journal Debit Credit View transaction list 1 Record the admission of Rhode with an investment of $100,000 for a 25% interest in the equity. 2 Record the admission of Rhode with an investment of $73,000 for a 25% interest in the equity. 3 Record the admission of Rhode with an investment of $131,000 for a 25% interest in the equity. 2