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, $28,000; Benson, $119,000; and Lau, $153,000. 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) $100,000; (b) $73,000; and (c) $131,000. (Do not round your intermediate calculations.) Journal entry worksheet Record the admission of Rhode with an investment of $73,000 for a 25% interest in the equity. Note: Enter debits before credits. Transaction Credit Debit 73,000 (b) General Journal Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital Record entry Clear entry View general journal Journal entry worksheet Record the admission of Rhode with an investment of $131,000 for a 25% interest in the equity. Note: Enter debits before credits. Credit Transaction (c) Debit 131,000 General Journal Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital Record entry Clear entry View general journal