Retirement paid from partnership assets.

Dale Nagel, Keith White, and Todd Rundgren have capital balances of $95,000, $75,000, and $60,000 respectively. They share income or loss on a 5:3:2 basis. Journalize Whites withdrawal/retirement from the partnership under each of the following conditions:

1. White is paid $82,000 in cash from partnership assets, and a bonus is granted to the retiring partner.

2. White is paid $68,000 in cash from partnership assets, and bonuses are granted to the remaining partners.

2) Retirement paid by personal assets. (cash was paid by one of the remaining partners, i.e. partnership did not pay the retiring partnerno cash)

Mary Toshiba, Vera Miles, and Debra Noll have capital balances of $50,000, $30,000, and $22,000, respectively, and their income ratios are 5:3:2. Journalize Nolls withdrawal/retirement from the partnership under each of the following independent conditions:

1. Toshiba and Miles agree to purchase Nolls equity by paying $15,000 each from their personal assets. Each purchaser receives 50% of Nolls equity.

2. Miles agrees to purchase all of Nolls equity by paying $22,000 cash from her personal assets.

3. Toshiba agrees to purchase all of Nolls equity by paying $26,000 cash from her personal assets.