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Required information [The following information applies to the questions displayed below! Debra and Merina sell electronic equipment and supplies through their partnership. They wish to

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Required information [The following information applies to the questions displayed below! Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership Debra's capital is $190,000 Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. d. Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted. Wayne invests $100,000 for a 25 percent interest. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the write-down of inventory. Note: Enter debts before credits General Journal Debit Credit Even 1 Debra, Capital Marina, Capital Inventory Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 2005. Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20x5: Ace. Capital Jack, Capital Spade, Capital $151,300 200,400 121,600 The partners allocate partnership income and loss in the ratio 20.3050, respectively Required: Record Spade's withdrawal under each of the following independent situations d. Spade received $60,100 of cash and partnership land with a fair value of $120,300. The carrying amount of the land on the partnership books was $100,400, Capital of the partnership after Spade's retirement was $312.200. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event 1 General Journal Credit Debit 19.900 Land Ace, Capital Jack, Capital Spade, Capital 3,980 5,970 9.950 8 2 Ace Capital Jack, Capital Spade, Capital Land Cash 19,780 29,670 130,950 120,300 60.100

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