Exercise D-8 Admission of new partner LO P3 The Struter Partnership has total partners' equity of $560,000, which is made up of Main, Capital, $392,000, and Frist, Capital, $168,000. The partners share net income and loss in a ratio of 82% to Main and 18% to Frist. On November 1 , Madison 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 Madison for a 20% interest in the equity and a 20% share (1) Record the admission of Madison with an investment of $140,000 for a 20% interest in the equity and a 2 Record the admission of Madison with an investment of $175,000 for a 20% interest in the equity and a (3) Record the admission of Madison with an investment of $110,000 for a 20% interest in the equity and a in any income and loss under the following independent assumptions. 20% share in any income and loss 20% share in any income and loss. 20% share in any income and loss. View transaction list Journal entry worksheet 2 3 Record the admission of Madison with an investment of $140,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. ransaction General Journal Debit Credit