At the start of 2022, 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. Reys equity in Business Solutions as of January 1, 2022, is $80,600.

Required:

1. Prepare the January 1, 2022, 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.
2. Prepare the January 1, 2022, journal entry required to admit a new partner if the new partner invests cash of $20,150.
3. After posting the entry in part 3, what would be the new partner's equity percentage?

Complete this question by entering your answers in the tabs below. Prepare the January 1,2022, 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. Journal entry worksheet Record the admission of a new partner at a 1:1 ownership interest. Note: Enter debits before credits. Journal entry worksheet Record the admission of a new partner at a 4:1 ownership interest. Note: Enter debits before credits. Prepare the January 1,2022 , journal entry required to admit a new partner if the new partner invests cash of $20,150. Journal entry worksheet Record the admission of a new partner with an investment of $20,150. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. After posting the entry in part 3 , what would be the new partner's equity percentage