Data table Howell Maloney Longval $ Capital 42,000 84,000 126,000 Print Profit-and-Loss Sharing % 20% 25% 55% Done X Howell, Maloney, and Longval, a partnership, is considering admitting Young as a new partner. On July 31, 2024, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio are as follows: (Click the icon to view the partners' capital accounts and their profit-and-loss-sharing ratio.) Read the requirements. Requirement 1. Journalize the admission of Young as a partner on July 31 if Young pays Longval $168,000 cash to purchase Longval's interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31 Requirement 2. Journalize the admission of Young as a partner on July 31 if Young contributes $84,000 to the partnership, acquiring a 1/4 interest in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31 Requirement 3. Journalize the admission of Young as a partner on July 31 if Young contributes $84,000 to the partnership, acquiring a 1/6 interest in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31 Requirement 4. Journalize the admission of Young as a partner on July 31 if Young contributes $84,000 to the partnership, acquiring a 1/3 interest in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31