Exercise 12-11 (Algo) Admission of new partner LO P3 The Struter Partnership has total partners' equity of $320,000, which is made up of Main, Capital, $224,000, and Frist, Capital, $96,000. The partners share net income and loss in a ratio of 85% to Main and 15% 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 $80,000 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 $115,000 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 $50,000 for a 20% interest in the equity and a 20% share in any income and loss. Journal entry worksheet Record the admission of Adison with an investment of $80,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Exercise 12-11 (Algo) Admission of new partner LO P3 The Struter Partnership has total partners' equity of $320,000, which is made up of Main, Capital, $224,000, and Frist, Capital, $96,000. The partners share net income and loss in a ratio of 85% to Main and 15% 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 $80,000 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 $115,000 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 $50,000 for a 20% interest in the equity and a 20% share in any income and loss. Journal entry worksheet Record the admission of Adison with an investment of $80,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits