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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 23.5

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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 23.5 ratio (in percents: Meir, 20%; Benson, 30% and Lau. 50%). The partnership's capital balances are as follows: Meir, $78,000, Benson, $119,000; and Lau, $203,000, 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) $133,333 (6) $97,333; and ($174,666. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 > Record the admission of Rhode with an investment of $133,333 for a 25% interest in the equity 72F Mostly cloudy View transaction list Journal entry worksheet VIEW Journal entry worksheet Journal entry worksheet M

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