Required information

Skip to question

$[$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, $$36,000$; Benson, $$151,000$; and Lau, $$193,000.$ Benson decides to withdraw from the partnership.

$1.$ Prepare journal entries to record Benson$$s February $1$ withdrawal under each separate assumption: $($Do not round intermediate calculations.$)$

Benson sells her interest to North for $$160,000$ after North is approved as a partner.

Benson gives her interest to a son$-$in$-$law, Schmidt, and Schmidt is approved as a partner.

Benson is paid $$151,000$ in partnership cash for her equity.

Benson is paid $$189,000$ in partnership cash for her equity.

Benson is paid $$24,000$ in partnership cash plus equipment that is recorded on the partnership books at $$56,000$ less accumulated depreciation of $$16,800.$