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! 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

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! 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: Melt, $43,000; Benson, $179,000; and Lau, $228,000. 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) $150,000 (6) $109,500; and (4 $196,500. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $150,000 for a 25% interest in the equity. Note: Enter debits before credits Dabit Credit Transaction General Journal BE Next 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) $150,000 (6) $109,500; and (a $196,500. (Do not round your intermediate calculations.) View transaction lit Journal entry worksheet 3 2 > Record the admission of Rhode with an investment of $109,500 for a 25% interest in the equity Credit Debit 100,500 Noter Enter debits before credits Transaction General Journal (b) Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital 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} $150,000: (L) $109,500; and (c) $196,500 (Do not round your intermediate calculations.) View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $196,500 for a 25% interest in the equity. Note: Enter debits before credits General Journal Dobit Credit Transaction (c) CO

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