Exercise 12-11 (Algo) Admission of new partner LO P3 The Struter Partnership has total partners' equity of $700,000, which is made up of Main, Capital, $490,000, and Frist, Capital, $210,000. The partners share net income and loss in a ratio of 73% to Main and 27% 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 $175,000 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 $210,000 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 $145,000 for a 20% interest in the equity and a 20% share in any income and loss. A No Transaction (1) B (2) Cash Adison, Capital Cash Adison, Capital Main, Capital Frist, Capital (3) Cash Main, Capital Frist, Capital Adison, Capital > Answer is not complete. General Journal Debit Credit 175,000 175,000 210,000 182,000 74,200 145,000