Part 1. Gibbs, Mier, and Hill are partners and share income and loss in a 5:1:4 ratio. The partnership’s capital balances are as follows: Gibbs, $303,000; Mier, $74,000; and Hill, $223,000. Gibbs decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Gibbs’s retirement.
Prepare journal entries to record Gibbs’s April 30 withdrawal from the partnership under each of the following separate assumptions: Gibbs
(a) Sells her interest to Brady for $250,000 after Mier and Hill approve the entry of Brady as a partner;
(b) Gives her interest to a daughter-in-law, Cannon, and thereafter Mier and Hill accept Cannon as a partner;
(c) Is paid $303,000 in partnership cash for her equity;
(d) Is paid $175,000 in partnership cash for her equity; and
(e) Is paid $100,000 in partnership cash plus manufacturing equipment recorded on the partnership books at $269,000 less its accumulated depreciation of $168,000.

Part 2. Assume that Gibbs does not retire from the partnership described in Part 1. Instead, Brise is admitted to the partnership on April 30 with a 20% equity. Prepare journal entries to record the entry of Brise under each of the following separate assumptions: Brise invests
(a) $150,000;
(b) $98,000; and
(c) $213,000.