Exercise 12-9 Admission of new partner LO P3 The Struter Partnership has total partners' equity of $660,000, which is made up of Main, Capital, $462,000, and Frist, Capital, $198,000. The partners share net income and loss in a ratio of 76% to Main and 24% 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 the following independent assumptions (1) Record the admission of Adison with an investment of $165,000 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 $200,000 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 $135,000 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 Madison with an investment of $165,000 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) Cash Adison, Capital View transaction list Journal entry worksheet Record the admission of Madison with an investment of $200,000 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 Cash Adison, Capital Main, Capital Frist, Capital Record entry Clear entry View general journal Journal entry worksheet 13 Record the admission of Madison 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 (3) Record entry Clear entry View general journal