Herbert and Ireneo are partners sharing profits and losses in the ratio of 60% and 40% respectively. The partnership balance sheet at August 30, 2016 follows: Cash 12,150 Other assets 119,700 Ireneo, Loan 9,000 Total 140,850 Accounts Payable 13,500 Herbert, Loan 5,850 Herbert, capital 81,000 Ireneo, capital 40,500 Total 140,850 At this date, Joshua was admitted as a partner for a consideration of 43,875 cash for a 40% interest in capital and in profits. 1. Assume Joshua is admitted by purchase of 40% each of the original partners' interest: A. Prepare the journal entry to record the admission of Joshua. B. Calculate the amounts received by Herbert and Ireneo for their respective partnership interest transferred to Joshua. 2. Assume Joshua is admitted by investing the 43,875 to the partnership: a. Prepare the entry for the admission of Joshua. Herbert and Ireneo are partners sharing profits and losses in the ratio of 60% and 40% respectively. The partnership balance sheet at August 30, 2016 follows: Cash 12,150 Other assets 119,700 Ireneo, Loan 9,000 Total 140,850 Accounts Payable 13,500 Herbert, Loan 5,850 Herbert, capital 81,000 Ireneo, capital 40,500 Total 140,850 At this date, Joshua was admitted as a partner for a consideration of 43,875 cash for a 40% interest in capital and in profits. 1. Assume Joshua is admitted by purchase of 40% each of the original partners' interest: A. Prepare the journal entry to record the admission of Joshua. B. Calculate the amounts received by Herbert and Ireneo for their respective partnership interest transferred to Joshua. 2. Assume Joshua is admitted by investing the 43,875 to the partnership: a. Prepare the entry for the admission of Joshua