Next Question which connects to this section.

Thank you for your knowledge and skills for helping me solve this question and I hope you had fun solving this :)

2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $200,000; (6) $145,000; and (0) $262,000. (Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $262,000 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (c) Record entry Clear entry View general journal 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, $168,000; Benson, $138,000; and Lau, $294,000. 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; () Benson is paid $138,000 in partnership cash for her equity; (d) Benson is paid $214,000 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. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the withdrawal of Benson on the assumption that she is paid $214,000 in partnership cash for her equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (d) Record entry Clear entry View general journal 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 Lau, 50%). The partnership's capital balances are as follows: Meir, $168,000; Benson, $138,000; and Lau, $294,00 Benson decides to withdraw from the partnership. 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partne February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate Rhode invests (a) $200,000; (b) $145,000; and (c) $262,000. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 > Record the admission of Rhode with an investment of $200,000 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $200,000; (6) $145,000; and (c) $262,000. (Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $145,000 for a 25% interest in the equity. Note: Enter debits before credits. Transaction General Journal Debit Credit (b) Record entry Clear entry View general journal