Required information Problem 11-8A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below] Melr, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meit. $80,000. Benson, $122,000; and Lau, $208,000. Benson decides to withdraw from the partnership. Problem 11-8A Part 2 Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on ebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption:
Required information Problem 11-8A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below] Melr, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meit. $80,000. Benson, $122,000; and Lau, $208,000. Benson decides to withdraw from the partnership. Problem 11-8A Part 2 Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on ebruary 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 11-8A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and
Lau, 50 %). The partnership's capital balances are as follows: Meir. $80,000. Benson, $122,000; and Lau. $208,000.
Benson decides to withdraw from the partnership.
Problem 11-8A Part 2
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) $136.667; (b) $99.767; and (c) $179,034. (Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
<
1
2
3
Record the admission of Rhode with an investment of $136,667 for a 25%
interest in the equity.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F76ebd6d6-0273-4e4f-bf27-2e912d2b9fdb%2F2d8375c3-f311-478e-9732-54b27f4dd614%2Fvkw6o4a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 11-8A Partner withdrawal and admission LO P3, P4
[The following information applies to the questions displayed below.]
Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and
Lau, 50 %). The partnership's capital balances are as follows: Meir. $80,000. Benson, $122,000; and Lau. $208,000.
Benson decides to withdraw from the partnership.
Problem 11-8A Part 2
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) $136.667; (b) $99.767; and (c) $179,034. (Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
<
1
2
3
Record the admission of Rhode with an investment of $136,667 for a 25%
interest in the equity.
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