The following information is available regarding CGG Company's partnership accounts at December 31, 2014, before completion of the closing entries: 
No new contributions were made during 2014. Godfrey wishes to withdraw from the partnership January 1, 2015.
Instructions
a. Prepare the statement of partners' equity for the year ended December 31, 2014.
b. Prepare the January 1, 2015 entry to record Godfrey's withdrawal under each of the following three independent alternatives:
(i) Choudrey and Gilker each pay Godfrey $10,000 out of their personal accounts and each receives one half of Godfrey's equity.
(ii) Godfrey is paid $100,000 out of partnership cash.
(iii) Godfrey is paid $40,000 out of partnership cash.
Definitions:
Price Floor
A government- or authority-imposed minimum price that can be charged for a commodity, often set above the equilibrium price, leading to a potential surplus of the product.
Equilibrium Price
The price where the availability of goods in the market equates to the quantity desired by buyers.
Quantity Supplied
The total number of units of a good or service that sellers are willing and able to sell at a given price.
Price Ceiling
A price cap established by the government to regulate the maximum charge for goods, services, or commodities.
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