Hu-Kuo-Lo Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Hu, 40% to Kuo, and 30% to Lo. At December 31, 2016, the firm has the following balance sheet. On December 31, Hu withdraws from the partnership.

HU-KUO-LO ORIENTAL DESIGN
Balance Sheet
December 31, 2016
Assets		Liabilities
Cash	$ 17.000	Accounts Payable	$ 81,000
Accounts Receivable. Net	14.000
Merchandise Inventory	96.000	Partners’Equity
Equipment, Net	75.000	Hu. Capital	33,000
		Kuo. Capital	40,000
		Lo. Capital	48,000
	_______	Total Partners’Equity	121,000
Total Assets	$ 202.000	Total Liabilities and Partners’Equity	$ 202,000

Requirements
Record Hu’s withdrawal from the partnership under the following independent plans:
1. In a personal transaction, Hu sells her equity to Wong, who pays Hu $140,000 for her interest. Kuo and Lo agree to accept Wong as a partner.
2. The partnership pays Hu cash of $15,000 and gives her a note payable for the remainder of her book equity in settlement of her partnership interest.
3. The partnership pays Hu $45,000 for her book equity.
4. The partnership pays Hu $18,000 for her book equity.

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