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

Capital Balance

$56,000

38,500

34,000

Partner

Trayer

Emig

Posada

Income Ratio

50%

30%

20%

(1)

(a)

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.)

Each of the continuing partners agrees to pay $16,600 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity.

(2)

(3)

(4)

Emig agrees to purchase Posada's ownership interest for $23,600 cash.

Posada is paid $38,720 from partnership assets, which includes a bonus to the retiring partner.

Posada is paid $25,120 from partnership assets, and bonuses to the remaining partners are recognized.

No. Account Titles and Explanation

1.

Debit

Credit

V

V

V

2.

V

V

3.

V

V

4.

V

V

V

V