Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debras capital is $200,000, Merinas capital is $160,000, and they share income in a ratio of 3:2, respectively.

Required:

Record Waynes admission for each of the following independent situations:

a.

Wayne directly purchases half of Merinas investment in the partnership for $97,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the purchase of one-half of Merina's investment for $97,000 by Wayne.

b.

Wayne invests the amount needed to give him a one-third interest in the partnerships capital if no goodwill or bonus is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record Wayne's investment, for one-third interest; no goodwill or bonus.