H Exercise 12-11 Admission of new partner LO P3 The Struter Partnership has total partners' equity of $400,000, which is made up of Main, Capital, $280,000, and Frist, Capital, $120,000. 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 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 independent assumption. (1) Record the admission of Adison with an investment of $100,000 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 $135.000 for a 20% interest in the equity and a 10% share in any income and loss (3) Record the admission of Adison with an investment of $70,000 for a 20% interest in the equity and a 20% share in any income and loss View transaction list Journal entry worksheet < Prev 14 of 16 Next > Check my