! Required information Problem 12-5A 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 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. Problem 12-5A 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) $116,667; (b) $85,167; and (c) $152,834. (Do not round your intermediate calculations.) Journal entry worksheet 1 2 3 Record the admission of Rhode with an investment of $116,667 for a 25% interest in the equity. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) N Record the admission of Rhode with an investment of $85,167 for a 25% interest in the equity. Note: Enter debits before credits. Transaction General Journal (b) Debit Credit