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, $70,000; Benson, $107,000; and Lau, $183,000. 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 calculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $107,000 in partnership cash for her equity. 4. Benson is paid $145,000 in partnership cash for her equity. 5. Benson is paid $27,000 in partnership cash plus equipment that is recorded on the partnership books at $63,000 less accumulat depreciation of $20,790.

Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are parthers 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, $70,000; Benson, $107,000; and Lau, $183,000. 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 calculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. 3. Benson is paid $107,000 in partnership cash for her equity. 4. Benson is paid $145,000 in partnership cash for her equity. 5. Benson is paid $27,000 in partnership cash plus equipment that is recorded on the partnership books at $63.000 less accumula depreciation of $20,790. 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, $70,000; Benson, \$107,000; and Lau, $183,000. 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 calculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. 2. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a parther. 3. Benson is paid $107,000 in partnership cash for her equity. 4. Benson is paid $145,000 in partnership cash for her equity. 5. Benson is paid $27,000 in partnership cash plus equipment that is recorded on the partnership books at $63,000 less accumulated depreciation of $20,790 Record the withdrawal of Benson on the assumption that she is paid $107,000 in partnership cash for her equity. Note: Enter debits before credits