Exercise 12-11 Admission of new partner LO P3 The Struter Partnership hos total partners' equity of $500,000, which is made up of Main Capital, $420,000, and Frist, Capital, $180,000. The partners share net income and loss in a ratio of 83% to Main and 17% 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 $150.000 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 $185,000 for a 20% interest in the equity and a 20% share in any income 3) Record the admission of Adison with an investment of $120,000 for a 20% interest in the equity and a 20% share in any income and loss View transaction let Journal entry worksheet Record the admission of Adison with an investment of $150,000 for a 20 Interest in the equity and a 20 share in any income and loss Note Edebitorer Transaction General Journal Det Macord entry Clear entry View gener journal Journal entry worksheet Record the admission of Adison with an investment of $185,000 for a 20% Interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. General Journal Dobit Credit Transaction (2) Record entry Clear entry View general Journal Journal entry worksheet Record the admission of Adison with an investment of $120,000 for a 20% interest in the equity and a 20% share in any Income and loss. Note: Enter debits before credits. General Journal Debit Transaction (3) Credit Record entry Clear entry View general Journal