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Blossom Oil Imports is a partnership owned by Magda Stavros and Giannis Metaxas. The partners share profit on a 3:2 basis, respectively. On January 1,

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Blossom Oil Imports is a partnership owned by Magda Stavros and Giannis Metaxas. The partners share profit on a 3:2 basis, respectively. On January 1, 2021, they have capital balances of $96,000 and $69,000, respectively. On that day, Magda and Giannis agree to admit lona Xanthos to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Xanthos on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations Round answers to decimal places, eg. 5,250.) 1. Xanthos invests $64,500 cash for a 33/% ownership interest. This is an investment of assets. Xanthos invests $100,500 cash for a 33% ownership interest. This is an investment of assets, 2 Credit Debit Date Account Titles and Explanation (1) Jan 1 RA A 10 Jet 1. Xanthos invests $64,500 cash for a 331/% ownership interest. This is an investment of absets. Xanthos invests $100,500 cash for a 33/% ownership interest. This is an investment of assets, 2. Credit Date Debit Account Titles and Explanation (1) Jan. 1 (To record purchase of an interest.) (2) Jan. 1 1 (To record purchase of an interest) (2) Jan 1 (To record purchase of an interest.) For each of these alternatives, indicate the balance in each partner's capital accotint and total potrete equity after Xanthers is admitted to the partnership. (Do not leave any answer field blank Enter Ofor amounts. Round answers to O decimal places, es 5275) M. Stavros Capital G. Metaxas Capital 1. Xanthos Capital Total Capital Alternative 1 Beginning balance 5 $ $ $ $ $ Ending balance Total Capital 1. Xanthos Capital Alternative 2 G. Metaxas Capital M. Stavros Capital $ $ $ $ Beginning balance $ $ $ Ending balance A le L. 68

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