tBACK NEXT K Question 3 S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $114,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. (a) Investment of $85,000 cash for a 30 % ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 4 B. Higgins, J. Mayo, and N. Rice have capital balances of $86,500, $68 ,000, and $66,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $70,000 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $58,000 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice under each of the assumptions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. Sho