Question: Need help with this, not sure if I have it correct. Required information [The following information applies to the questions displayed below.] Meir, Benson, and

Need help with this, not sure if I have it correct. Requiredinformation [The following information applies to the questions displayed below.] Meir, Benson,and Lau are partners and share income and loss in a 3:2:5ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership'sNeed help with this, not sure if I have it correct.

Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $103,000; Benson, $69,000; and Lau, $178,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (C) Benson is paid $69,000 in partnership cash for her equity; (d) Benson is paid $107,000 in partnership cash for her equity. View transaction list Journal entry worksheet 1 2 3 4 > Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. Note: Enter debits before credits. Transaction Debit Credit (a) General Journal Benson, Capital North, Capital 69.000 69,000 Record entry Clear entry View general journal Journal entry worksheet Record the withdrawal of Benson on the assumption that she gives her interest to a son-in-law, Schmidt and Schmidt is approved as a partner. Note: Enter debits before credits. Credit Transaction (b) General Journal Benson, Capital Schmidt, Capital Debit 69,000 69,000 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 > Record the withdrawal of Benson on the assumption that she is paid $69,000 in partnership cash for her equity. Note: Enter debits before credits. Transaction General Journal Debit Credit (c) 69,000 Benson, Capital Cash 69,000 Record entry Clear entry View general journal Journal entry worksheet Record the withdrawal of Benson on the assumption that she is paid $107,000 in partnership cash for her equity. Note: Enter debits before credits. General Journal Credit Transaction (d) Benson, Capital Meir, Capital Lau, Capital Cash Debit 69,000 14,250 23,750 107,000 Record entry Clear entry View general journal

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