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The following information is available for CGG Company's partnership accounts at December 31, 2017, before completion of the closing entries: No new contributions were made
The following information is available for CGG Company's partnership accounts at December 31, 2017, before completion of the closing entries: No new contributions were made during 2017. Godfrey wishes to withdraw from the partnership January 1, 2018. a) Prepare the statement of partner's equity for the year ended December 31, 2017 b) Prepare the January 1, 2018 entry to record Godfrey's withdrawal under each of the following three independent alternatives: 1. Choudrey and Gilker each pay Godfrey exist10,000 out of their personal accounts and each received one-half of Godfrey's equity 2. Godfrey is paid exist100,000 out of partnership cash 3. Godfrey is paid exist40,000 out of partnership cash
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