P. Whyte and M. Cunningham are partners in Green Earth Consultants. Whyte and Cunningham share the partnership's income equally. L. Harris will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $16,000. The capital balances of each partner are $100,000 and $139,000, respectively, prior to the revaluation.
a. Provide the journal entry for the asset revaluation.
b. Provide the journal entry for Harris's admission under the following independent situations:
1. Harris purchased a 20% interest for $50,000.
2. Harris purchased a 30% interest for $125,000.