+ v ACC2202 Assignment 2 X O file:///C/Users/lalin/AppData/Local/Packages/Microsoft.MicrosoftEdge 8 + a D A 2 Question 5: (32 marks) The following information is available for CGG Company's partnership accounts at December 31, 2017, before completion of the closing entries: $70,000 45,000 20,000 50,000 28,000 35,000 A. Choudrey, capital N. Gilker, capital R. Godfrey, capital A. Choudrey, drawings N. Gilker, drawings R. Godfrey, drawings Income summary (shared equally among partners) 180,000 No new contributions were made during 2017. Godfrey wishes to withdraw from the partnership January 1, 2018. Required a) Prepare the statement of partner's equity for the year ended December 31, 2017 b) Prepare the January 1, 2018 entry to record Godfrey's withdrawal under each of the following three independent alternatives: 1. Choudrey and Gilker each pay Godfrey $10,000 out of their personal accounts and each received one-half of Godfrey's equity 2. Godfrey is paid $100,000 out of partnership cash 3. Godfrey is paid $40,000 out of partnership cash + v ACC2202 Assignment 2 X O file:///C/Users/lalin/AppData/Local/Packages/Microsoft.MicrosoftEdge 8 + a D A 2 Question 5: (32 marks) The following information is available for CGG Company's partnership accounts at December 31, 2017, before completion of the closing entries: $70,000 45,000 20,000 50,000 28,000 35,000 A. Choudrey, capital N. Gilker, capital R. Godfrey, capital A. Choudrey, drawings N. Gilker, drawings R. Godfrey, drawings Income summary (shared equally among partners) 180,000 No new contributions were made during 2017. Godfrey wishes to withdraw from the partnership January 1, 2018. Required a) Prepare the statement of partner's equity for the year ended December 31, 2017 b) Prepare the January 1, 2018 entry to record Godfrey's withdrawal under each of the following three independent alternatives: 1. Choudrey and Gilker each pay Godfrey $10,000 out of their personal accounts and each received one-half of Godfrey's equity 2. Godfrey is paid $100,000 out of partnership cash 3. Godfrey is paid $40,000 out of partnership cash