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Gale. McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, 597.000. McLean. 595,000, and Lux, S160,000. The partners
Gale. McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, 597.000. McLean. 595,000, and Lux, S160,000. The partners share pront and losses in a 3:2.5 ratio. McLean decides to withdraw from the partnership. Prepare general Journal entries to record the May 1, 2020, withdrawal of McLean from the partnership under each of the following unrelated assumptions: a. McLean seils his interest to Freedman for $181,000 after Gale and Lux approve the entry of Freedman as a partner (where McLean receives the cash personally from Freedman). b. McLean gives his interest to a son in law, Park Gale and Lux accept Park as a partner. c. McLean is paid $95,000 in partnership cash for his equity. d. McLean is paid $145.000 in partnership cash for his equity. e. McLean is paid $40.250 in partnership cash plus machinery that is recorded on the partnership books at $128.000 less accumulated depreciation of $96,000
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