4 10 points eBook Hint The Struter Partnership has total partners' equity of $340,000, which is made up of Main, Capital, $238,000, and Frist, Capital, $102,000. The partners share net income and loss in a ratio of 79% to Main and 21% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $85,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $120,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $55,000 for a 20% interest in the equity and a 20% share in any income and loss. Print View transaction list References Journal entry worksheet B C Record the admission of Adison with an investment of $120,000 for a 20% interest in the equity and a 20% share in any Income and loss. Note: Enter debits before credits. Transaction General Journal (2) Cash Debit 120,000 Credit Adison, Capital 96,000 Main, Capital Frist, Capital Record entry Clear entry View general journal Saved