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Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in...

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Accounting

Meir, Benson, and Lau are partners and share income and loss ina 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).The partnership's capital balances are as follows: Meir, $38,000;Benson, $159,000; and Lau, $203,000. Benson decides to withdrawfrom the partnership.

2. Assume that Benson does not retire from the partnershipdescribed in Part 1. Instead, Rhode is admitted to the partnershipon February 1 with a 25% equity. Prepare journal entries to recordRhode’s entry into the partnership under each separate assumption:Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. .

Record the admission of Rhode with an investment of $97,333 fora 25% interest in the equity.

Record the admission of Rhode with an investment of $174,666 fora 25% interest in the equity.

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