E12-7 Julie Lane, Sara Miles, and Amber Noll have capital balances of $50,000, $40,000, and Record withdrawal $30,000, r

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E12 7 Julie Lane Sara Miles And Amber Noll Have Capital Balances Of 50 000 40 000 And Record Withdrawal 30 000 R 1 (19.11 KiB) Viewed 45 times

E12-7 Julie Lane, Sara Miles, and Amber Noll have capital balances of $50,000, $40,000, and Record withdrawal $30,000, respectively. The income ratio is 5:32. Assume Noll withdraws from the partnership on (505) AP December 31 of the current year under each of the following independent conditions: 1. Lane and Miles agree to purchase Noll's equity by paying $17,000 each from their personal as- sets. Each purchaser receives 50% of Noll's equity 2. Miles agrees to purchase all of Noll's equity by paying $35,000 cash from her personal assets. 3. Lane agrees to purchase all of Noll's equity by paying $25,000 cash from her personal assets. Instruction