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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, \$78,000; Benson, \$119,000; and Lau, \$203,000. 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) \$133,333; (b) \$97,333; and (c) \$174,666. (Do not round intermediate calculations.)
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