Exercise 12-11 Admission of new partner LO P3 The Struter Partnership has total partners' equity of $540,000, which is made up of Main, Capital, $378,000, and Frist, Capital, $162,000. The partners share net income and loss in a ratio of 80% to Main and 20% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $135,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $170,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $105,000 for a 20% interest in the equity and a 20% share in any income and loss. View transaction list Journal entry worksheet Record the admission of Adison with an investment of $135,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Transaction General Journal Debit Credit (1) 135,000 Cash Adison, Capital 135,000 Record entry Clear entry View general journal View transaction list Journal entry worksheet B > Record the admission of Adison with an investment of $170,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Transaction General Journal Debit Credit (2) Cash 170,000 Adison, Capital Main, Capital Frist, Capital 142,000 75,600 7,560 Record entry Clear entry View general journal View transaction list Journal entry worksheet A B C Record the admission of Adison with an investment of $105,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Transaction General Journal Debit Credit (3) Cash 105,000 17,520 Main, Capital Record entry Clear entry View general journal