Question: Meir, Benson, and Lau are partners and share income and loss in a ratio ( in percents: Meir, 2 0 % ; Benson, 3 0

Meir, Benson, and Lau are partners and share income and loss in a ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%) The partnership's capital balances are as follows: Meir, $48,000; Benson, $74,000; and Lau, $128,000. Benson decides to withdraw from the partnership. (Assume that Benson does not retire feom partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhodes entry into the partnership under each seperate assumption: Rhode invests(a) $83,333; (b) $ 60,833; (c) $109,166.

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