At April 30 of the current year, partners' capital balances and the profit and loss-sharing ratio in Blue Enterprises are as follows: Partner Profit and Loss Ratio R. Short K. Osborne W. Sanga Capital Balance $40,000 $21,000 $62,000 3 2 4 On May 1, the Crane Company is formed by admitting N. Osvald to the firm as a partner. Journalize the admission of Osvald if Osvald purchases 50% of W. Sanga's ownership interest by paying W. Sanga $32,900 cash from personal funds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation May 1 (To record purchase of an interest.)