Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio....
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Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership, and the partners and the partners agree not to have the assets revalued upon Benson's retirement.
| 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 Rhodes entry into the partnership under each of the following separate assumptions. Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. (Do not round your intermediate calculations.) |
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