Hudson, Meehan, and Loiselle, a partnership, is considering admitting Thompson as a new partner. On July 31, 2024, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio are as follows:

Requirements
Journalize the admission of Thompson as a partner on July 31 for each of the following independent situations:
1. Thompson pays Loiselle $162,000 cash to purchase Loiselle’s interest.
2. Thompson contributes $81,000 to the partnership, acquiring a 1/4 interest in the business.
3. Thompson contributes $81,000 to the partnership, acquiring a 1/6 interest in the business.
4. Thompson contributes $81,000 to the partnership, acquiring a 1/3 interest in the business.

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Hudson Meehan Loiselle Capital $ 40,500 81,000 121,500 Profit-and-Loss-Sharing % 20% 25% 55%