Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio. The...

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Accounting

Meir, Benson, and Lau are partners and share income and loss ina 2:3:5 ratio. The partnership's capital balances are as follows:Meir, $68,000; Benson, $104,000; and Lau, $178,000. Benson decidesto withdraw from the partnership, and the partners agree not tohave the assets revalued upon Benson's retirement. Assume thatBenson does not retire from the partnership described in Part 1.Instead, Rhode is admitted to the partnership on February 1 with a25% equity. Prepare journal entries to record Rhode’s entry intothe partnership under each of the following separate assumptions:Rhode invests (a) $116,667; (b) $85,167; and (c) $152,834. (Do notround your intermediate calculations.)

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Event Account titles and Explanation Debit Credit a Cash Note1 116667 Rhodes Capital 116667 Admission of Rhodes b Cash Note2 85167 Meirs Capital 4725 Bensons Capital 70875 Laus Capital 118125 Rhodes Capital 108792 Admission of Rhodes Cash See Answer

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