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Required information [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
Required information [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 (in percents: Meir, 20\%; Benson, 30\%; and Lau, 50% ). The partnership's capital balances are as follows: Meir, $68,000; Benson, $104,000; and Lau, $178,000. Benson decides to withdraw from the partnership. . Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on ebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: ?hode invests (a) \$116,667; (b) \$85,167; and (c) \$152,834. (Do not round intermediate calculations.) Journal entry worksheet Record the admission of Rhode with an investment of $116,667 for a 25% interest in the equity. Note: Enter debits before credits. Journal entry worksheet Record the admission of Rhode with an investment of $85,167 for a 25% interest in the equity. Note: Enter debits before credits. Journal entry worksheet Record the admission of Rhode with an investment of $152,834 for a 25% interest in the equity. Note: Enter debits before credits
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