Geary McMahon, and Lesa partnership la comidering admitting Young as a new partner On July 31, 2024. the capital accounts of the two existing partners and their profit-and-loss sharing ratio are as follows Click the icon to view the partners' captal accounts and their profit-and-boo-sharing rate) Read the requirements Requirement 1. Journalize the admission of Young as a partner on July 31 Young pays Lee 5156.000 cash to purchase Lee's interest (Record debits first, then credits Select the explanation on the last line of the journal entry tate) Date Accounts and Explanation Debit Credit Jul 31 Requirement 2. Joumalize the admission of Young as a partner on July 31 Young contributes 576.000 to the partnership acquiring a 14 interest in the business (Record debits first then credits Select the explanation on the taste of the journal entry table) Accounts and Explanation Debit Date Credit Jul 31 Requirement 3. Journalize the admission of Young as a partner on July 311 Young contulbutos 573,000 to the partnership acquiring a 16 interest in a business (Record debits first the credits Select the explanation on the last line of the journal entry table) Accounts and Explanation Date Debit Credit Jul 31 Requirement. Journalize the admision of Your sa partner on Jul Young contributes 576,000 to the partnership coing a 19 interest in the business (Record debits first the credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debat Crede Jul 31 1 Requirements d debits Journalize the admission of Young as a partner on July 31 for each of the following independent situations 1. Young pays Lee $156,000 cash to purchase Lee's interest. 2. Young contributes $78,000 to the partnership, acquiring a 1/4 interest in the business 3. Young contributes $78,000 to the partnership, acquiring a 1/6 interest in the business 4. Young contributes $78,000 to the partnership, acquiring a 1/3 interest in the business Print Done rest in the Data table Geary McMahon Capital s 39.000 78,000 Profit-and-Loss Sharing % 20% 25% Lee 117,000 55% ing a 1/6 interest in the 3. Journalize the ad first, then credits Print Done