Four independent situations are given below. Assume that partners of the existing partnership are Kyle Bowen and Susan Wong. The new partner is Angie Mills. For each situation, prepare the appropriate journal entries to admit the new partner. Page 18 of a cash receipts journal and page 9 of a general journal are provided in the Working Papers. Work independently to complete the following problem.

1. Kyle Bowen and Susan Wong have equity of \($36,000.00\) each in an existing partnership. On June 1 of the current year, the two partners agree to admit Angie Mills as a one-third partner. Each partner agrees to sell Ms. Mills \($12,000.00\) equity and to give her a one-third share of ownership. Ms. Mills is to pay the money directly to the two original partners.

2. Kyle Bowen and Susan Wong have equity of \($75,000.00\) each in the partnership. Partners share equally in all changes in equity. On June 1 of the current year, the two partners agree to admit Angie Mills as a partner with a one-third share of the total equity.

3. Kyle Bowen and Susan Wong have equity of \($36,000.00\) each in an existing partnership. The partners share equally in all changes in equity. On June 1 of the current year, the existing partners agree to admit Angie Mills with a one-third share of the total equity.

4. Kyle Bowen and Susan Wong each have \($52,000.00\) equity in an existing business. The partners share equally in all changes in equity. On June 1 of the current year, Angie Mills is admitted as a new partner with a one-third share of the total equity.

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June 1. Journalized personal sale of equity to new partner, Angie Mills, $24,000.00, distributed as follows: from Kyle Bowen, $12,000.00; from Susan Wong, $12,000.00. M36.