E$1211$ Joanna Wang is admitted to a partnership. Prior to the admission of Wang, the partnership books show Tanya Wird$$s Capital balance at $$79,000$ and Alan Bales$$s Capital balance at $$39,500.$ Wird and Bales share profits and losses equally.

Required

$1.$ Compute the amount of each partner$$s equity on the books of the new partnership under each of the following plans:

$($a$)$ Wang purchases Bales$$s interest in the business, paying $$47,250$ directly to Bales.

$($b$)$ Wang invests $$39,500$ to acquire a one$-$fourth interest in the partnership.

$($c$)$ Wang invests $$71,500$ to acquire a one$-$fourth interest in the partnership.

$2.$ Make the partnership journal entry on March $4$ to record the admission of Wang under plans $($a$),($b$),$ and $($c$)$ in Requirement $1.$ Explanations are not required