The following information is available for MWK Company’spartnership accounts at Dec. 31, 2014, before completion of theclosing entries:A. Choudrey, capital $70000N. Gilker, capital $45000R. Godfrey, capital $20000A. Choudrey, drawings $50000N. Gilker, drawings $28000R. Godfrey, drawings $35000Income summary (shared equally among partners) $180000No new contributions were made during 2017. Godfrey wishes towithdraw from the partnership January 1, 2015.(A) prepare the statement of partner’s equity for the year endedDec. 31, 2014.(B) Prepare the Jan. 1, 2015 entry to record Godfrey’s withdrawalunder each of the following 3 independent alternatives:(1) Choudrey and Gilker each pay Godfrey $10000 out of theirpersonal accounts and each received one-half of Godfrey’sequity.(2) Godfrey is paid $10000 out of partnership cash.(3) Godfrey is paid $40000 out of partnership cash.
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