Exercise 12-11 (Static) Admission of new partner LO P3 The Struter Partnership has total partners equity of $510,000, which is made up of Main, Capital, $400,000, and Frist, Capital, $110,000. 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 15% interest in the equity and a 15% share in any income and loss. Prepare journal entries to record the admission of Adison for a 15% interest in the equity and a 15% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $90,000 for a 15% interest in the equity and a 15% share in any income and loss. (2) Record the admission of Adison with an investment of $120,000 for a 15% interest in the equity and a 15% share in any income and loss. (3) Record the admission of Adison with an investment of $80,000 for a 15% interest in the equity and a 15% share in any income and loss.