Question: . Don't know if what I put so far is right and need help finishing. Problem 12-5A On December 31, the capital balances and income

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Don't know if what I put so far is right and need help finishing.

Problem 12-5A

On December 31, the capital balances and income ratios in TEP Company are as follows.

Partner

Capital Balance

Income Ratio

Trayer $63,268 50%
Emig 43,025 30%
Posada 33,980 20%
Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1) Each of the continuing partners agrees to pay $18,732 in cash from personal funds to purchase Posadas ownership equity. Each receives 50% of Posadas equity.
(2) Emig agrees to purchase Posadas ownership interest for $23,498 cash.
(3) Posada is paid $38,212 from partnership assets, which includes a bonus to the retiring partner.
(4) Posada is paid $25,284 from partnership assets, and bonuses to the remaining partners are recognized.

No.

Account Titles and Explanation

Debit

Credit

1.

Trayer, Capital Posada, Capital Emig, Capital Cash Distributions Accounts Receivable Accounts Payable

Distributions Accounts Receivable Accounts Payable Posada, Capital Trayer, Capital Emig, Capital Cash

Accounts Receivable Cash Distributions Emig, Capital Posada, Capital Trayer, Capital Accounts Payable

2.

Distributions Cash Posada, Capital Accounts Payable Accounts Receivable Emig, Capital Trayer, Capital

Trayer, Capital Accounts Receivable Emig, Capital Cash Distributions Accounts Payable Posada, Capital

3.

Accounts Payable Trayer, Capital Posada, Capital Accounts Receivable Distributions Emig, Capital Cash

Cash Distributions Accounts Receivable Trayer, Capital Emig, Capital Accounts Payable Posada, Capital

Emig, Capital Posada, Capital Cash Trayer, Capital Distributions Accounts Receivable Accounts Payable

Accounts Receivable Emig, Capital Trayer, Capital Cash Accounts Payable Distributions Posada, Capital

4.

Cash Distributions Accounts Receivable Posada, Capital Accounts Payable Trayer, Capital Emig, Capital

Cash Trayer, Capital Emig, Capital Distributions Accounts Receivable Accounts Payable Posada, Capital

Cash Trayer, Capital Emig, Capital Posada, Capital Distributions Accounts Payable Accounts Receivable

Accounts Payable Posada, Capital Trayer, Capital Distributions Emig, Capital Accounts Receivable Cash

If Emigs capital balance after Posadas withdrawal is $46,787, what were the total bonus to the remaining partners and the cash paid by the partnership to Posada?
Total bonus

$

Cash paid to Posada

$

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