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undefined Required information [The following information applies to the questions displayed below.) Meir, Benson, and Lau are partners and share income and loss in a
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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 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $133,000; Benson, $89,000; and Lau, $228,000. 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 February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $150,000; (b) $109,500; and (c) $196,500. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 > Record the admission of Rhode with an investment of $150,000 for a 25% interest in the equity. Note: Enter debits before creditsStep by Step Solution
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