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 Elasticity
The degree to which the demand or supply of a product changes in response to a change in price.
Crude Oil
A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials.
Production
The process of creating goods or services by combining labor, land, and capital to generate value.
Total Revenues
The overall amount of money generated by a business, organization, or individual from its activities, before any expenses are subtracted.
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