The Struter Partnership has total partners’ equity of $510,000, which is made up of Main, Capital,

$400,000, and Frist, Capital, $110,000. The partners share net income and loss in a ratio of 80% to Main and 20% to Frist. On November 1, Madison is admitted to the partnership and given a 15%

interest in equity and a 15% share in any income and loss. Prepare the journal entry to record the admission of Madison under each of the following separate assumptions: Madison invests cash of

(1) $90,000; (2) $120,000; and (3) $80,000.

AppendixLO1