Required information The following information applies to the questions displayed befow] Meir, Benson, and Lau are partnets 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, $42,000; Benson, $175,000; and Lau, $223,000. 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 colculations.) 1. Benson sellis her interest to North for $160,000 after North is approved as a partnet. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $175,000 in partnership cash for her equity. 4. Benson is paid $213,000 in partnership cash for her equity. 5. Benson is paid $24,000 in partnership cash plus equipment that is recorded on the partnership books at $56,000 less accumulated depreciation of $17,360. Journal entry worksheet Record the $24,000 payment in cash plus equipment recorded at $56,000 less accumulated depreciation of 17,360. Notes Enter debits before cred te. Required information [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, \$42,000; Benson, $175,000, and Lau, $223,000. 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 (d) \$146,667; (b) \$107,067: and (c) \$192,134. (Do not round intermediate calculations.) Required information The following information applies to the questions displayed befow] Meir, Benson, and Lau are partnets 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, $42,000; Benson, $175,000; and Lau, $223,000. 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 colculations.) 1. Benson sellis her interest to North for $160,000 after North is approved as a partnet. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $175,000 in partnership cash for her equity. 4. Benson is paid $213,000 in partnership cash for her equity. 5. Benson is paid $24,000 in partnership cash plus equipment that is recorded on the partnership books at $56,000 less accumulated depreciation of $17,360. Journal entry worksheet Record the $24,000 payment in cash plus equipment recorded at $56,000 less accumulated depreciation of 17,360. Notes Enter debits before cred te. Required information [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, \$42,000; Benson, $175,000, and Lau, $223,000. 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 (d) \$146,667; (b) \$107,067: and (c) \$192,134. (Do not round intermediate calculations.)
