Part 1. Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Gibbs's retirement. Prepare journal entries to record Gibbs's April 30 withdrawal from the partnership under each of the following separate assumptions: Gibbs
(a) Sells her interest to Brady for $250,000 after Cook and Chan approve the entry of Brady as a partner; 
(b) Gives her interest to a daughter in law, Cannon, and thereafter Cook and Chan accept Cannon as a partner; 
(c) Is paid $606,000 in partnership cash for her equity; 
(d) Is paid $350,000 in partnership cash for her equity; 
(e) Is paid $200,000 in partnership cash plus manufacturing equipment recorded on the partnership books at $538,000 less its accumulated depreciation of $336,000.

Part 2. Assume that Gibbs does not retire from the partnership described in Part 1. Instead, Chip is admitted to the partnership on April 30 with a 20% equity. Prepare journal entries to record the entry of Brise under each of the following separate assumptions: Chip invests 
(a) $ 300,000; 
(b) $ 196,000; 
(c) $ 426,000.