CP 123 Assume the following information just prior to the admission of new partner I:

Assets			Liabilities
Cash	5,000		Accounts Payable		8,000
Accounts Receivables	43,000
			Partners Capital
			G, Capital	30,000
			H, Capital	10,000	40,000
	48,000				48,000

Required: Prepare journal entries to record the following unrelated scenarios:

1. New partner I purchases partners Gs partnership interest for $40,000.

2. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H.

3. New partner I contributes land with a fair value of $100,000.

Relative ownership interests after this transaction are: Partner Ownership Interest G 20%, H 5%, I 75%, Total 100%