At the start of 2016, Santana Rey is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Business Solutions. S. Rey's equity in Business Solutions as of January 1, 2016, is reflected in the following capital balance Required: 2. Prepare the January 1, 2016, journal entries necessary to admit a new partner to Business Solutions through the purchase of a partnership interest for each of the following two separate cases: (a) 1:1 sharing agreement and (b) 4:1 sharing agreement View transaction list XI 1 Record the admission of a new partner at a 1:1 ownership interest. Record the admission of a new partner at a 4:1 ownership interest. 2 entry 2 Record the admission of a new partner at a 1:1 ownership interest. Note: Enter debits before credits. Date General Journal Debit redit Jan 01 Cash New partner, Capital Record ent Clear entr neral iournal K Prey 3 of 5 Next > Journal entry worksheet Record the admission of a new partner at a 4:1 ownership interest. Note: Enter debits before credits. Date ral Journal Debit Credit Jan 01 Record en .