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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 14.5
Required information [The following information applies to the questions displayed below] Meir, Benson, and Lau are partners and share income and loss in a 14.5 ratio in percents Mex, 10%, Benson, 40%, and Lau, 50%). The partnership's capital balances are as follows: Mek, $42,000, Benson, $175,000, and Lau, $223,000 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 $175,000 in partnership cash for her equity 4. Benson is paid $213,000 in partnership cash for her equity 5. Benson is paid $24,000 in partnership cash plus equipment that is recorded on the partnership books at $56,000 less accumulated depreciation of $17,920. View transaction list Journal entry worksheet 1 2 3 4 S
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