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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, $84,000; Benson, $128,000; and Lau, $218,000. 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 eebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $143,333; (b) $104,633; and (c) $187,766. (Do not round intermediate calculations.) Journal entry worksheet Required information Record the admission of Rhode with an investment of $143,333 for a 25% interest in the equity. Note: Enter debits before credits. Record the admission of Rhode with an investment of $104,633 for a 25% interest in the equity. Note: Enter debits before credits. Record the admission of Rhode with an investment of $187,766 for a 25% interest in the equity. Note: Enter debits before credits. 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, $84,000; Benson, $128,000; and Lau, $218,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: (Do not round intermediate alculations.) 1. Benson sells her interest to North for $160,000 after North is approved as a partner. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. Benson is paid $128,000 in partnership cash for her equity. Benson is paid $166,000 in partnership cash for her equity. 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
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