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 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Problem 12-5A Part 1 Prepare the journal entry to record Benson's withdrawal from the partnership under each of the following independent assumptions. (Do not round intermediate calculations.) Benson (a) sells her interest to North for $160,000 after Meir and Lau approve the entry of North as a partner; (b) gives her interest to a son-in-law, Schmidt, and thereafter Meir and Lau accept Schmidt as a partner; (c) is paid $119,000 in partnership cash for her equity; (d) is paid $157,000 in partnership cash for her equity; and (e) is paid $13,500 in partnership cash plus equipment recorded on the partnership books at $33,500 less its accumulated depreciation of $11,600. Journal entry worksheet Record the withdrawal of Benson on the assumption that she is paid $157,000 in partnership cash for her equity. Note: Enter debits before credits. Credit Transaction (d) General Journal Benson, Capital Debit 119,000 38,000 Cash 157,000 Record entry Clear entry View general journal Journal entry worksheet Record the withdrawal of Benson on the assumption that she is paid $13,500 in partnership cash plus equipment recorded on the partnership books at $33,500 less its accumulated depreciation of $11,600 for her equity. Note: Enter debits before credits. Transaction Debit Credit General Journal Benson, Capital Cash Record entry Clear entry View general journal