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Required information

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Meir, Benson, and Lau are partners and share income and loss in a $3$:$2$:$5$ ratio $($in percents: Meir, $30\%$; Benson, $20\%$; and Lau, $50\%.$ The partnership's capital balances are as follows: Meir, $$168,000$; Benson, $$138,000$; and Lau, $$294,000.$ Benson decides to withdraw from the partnership.

$2.$ 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$)$ $$200,000$; $($b$)$ $$145,000$; and $($c$)$ $$262,000.$

Note: Do not round intermediate calculations.

Journal entry worksheet

$1$

$2$

$3$

Record the admission of Rhode with an investment of $$200,000$ for a $25\%$ interest in the equity.

Note: Enter debits before credits.

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