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 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (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 $119,000 in partnership cash for her equity; (d) Benson is paid $157,000 in partnership cash for her equity; and (e) Benson is paid $15,500 in partnership cash plus equipment recorded on the partnership books at $35,500 less its accumulated depreciation of $11,600. Journal entry worksheet 2 3 4 5 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. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal Journal entry worksheet 3 4 5 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. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet