Reference no: EM132819306
Question - Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,100; Cruz, $2,900; and Perez, $2,300. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $2,300; (2) $3,250; and (3) $1,250.
1. Record the retirement of Perez assuming that she is paid $2,300 for her equity.
2. Record the retirement of Perez assuming that she is paid $3,250 for her equity.
3. Record the retirement of Perez assuming that she is paid $1,250 for her equity.
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