Data table He-Kuo-Lo Oriental Design Balance Sheet December 31, 2024 I Assets Liabilities Cash $ 17,000...

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Data table He-Kuo-Lo Oriental Design Balance Sheet December 31, 2024 I Assets Liabilities Cash $ 17,000 Accounts Payable $ 84,000 Accounts Receivable, Net Merchandise Inventory Equipment, Net 15,000 89,000 Partners' Equity 90,000 He, Capital 36,000 Kuo, Capital 46,000 45,000 Lo, Capital 127,000 Total Partners' Equity $ 211,000 $ 211,000 Total Assets Total Liabilities and Partners' Equity Print Done He - Kuo-Lo Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to He, 40% to Kuo, and 30% to Lo. At December 31, 2024, the firm has the following balance sheet. (Click on the icon to view the balance sheet.) On December 31, He withdraws from the partnership. Read the requirements. Requirement 1. In a personal transaction, He sells her equity to Wang, who pays He $150,000 for her interest. Kuo and Lo agree to accept Wang as a partner. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Date Credit Dec. 31 Requirement 2. The partnership pays He cash of $20,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Date Dec. 31 Credit Requirement 3. The partnership pays He $70,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Accounts and Explanation Credit Date Dec. 31 Debit Requirement 4. The partnership pays He $16,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Accounts and Explanation Debit Date Credit Dec. 31 Cash Equipment He, Capital Kuo, Capital Lo, Capital Merchandise Inventory Note Payable Wang, Capital Data table He-Kuo-Lo Oriental Design Balance Sheet December 31, 2024 I Assets Liabilities Cash $ 17,000 Accounts Payable $ 84,000 Accounts Receivable, Net Merchandise Inventory Equipment, Net 15,000 89,000 Partners' Equity 90,000 He, Capital 36,000 Kuo, Capital 46,000 45,000 Lo, Capital 127,000 Total Partners' Equity $ 211,000 $ 211,000 Total Assets Total Liabilities and Partners' Equity Print Done He - Kuo-Lo Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to He, 40% to Kuo, and 30% to Lo. At December 31, 2024, the firm has the following balance sheet. (Click on the icon to view the balance sheet.) On December 31, He withdraws from the partnership. Read the requirements. Requirement 1. In a personal transaction, He sells her equity to Wang, who pays He $150,000 for her interest. Kuo and Lo agree to accept Wang as a partner. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Date Credit Dec. 31 Requirement 2. The partnership pays He cash of $20,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Date Dec. 31 Credit Requirement 3. The partnership pays He $70,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Accounts and Explanation Credit Date Dec. 31 Debit Requirement 4. The partnership pays He $16,000 for her book equity. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Accounts and Explanation Debit Date Credit Dec. 31 Cash Equipment He, Capital Kuo, Capital Lo, Capital Merchandise Inventory Note Payable Wang, Capital