fx Question 1- Admission of a Partner (Value 10 points) Fraser, Smith and Jones are partners with capital balances of $80,000, $70,000 and $50,000 respectively.They share profit and losses in a 5:3:2 ratio. Jackson is admitted to the partnership with a 25% equity. Required: Prepare journal entries to record Jackson's admission into the partnership under each of the following assumptions: (a) Jackson invests $30,000 1 (b) Jackson invests $100,000 2 (c) Jackson invests $150,000 3 4 15 16 17 18 19 20 21 22 23 24 25 26 27 28 +