Hitchcock, Michelson, and Jasper, a partnership, is considering admitting Ken Saunders as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio is as follows:

	Capital	Profit-and-Loss-Sharing %
Hitchcock	$ 33,000	20%
Michelson	66,000	25%
Jasper	99,000	55%

Capital Profit and loss sharing %

Hitchcock $33,000 20%

Michelson $66,000 25%

Jasper $99,000 55%

Requirements

Journalize the admission of Saunders as a partner on July 31 for each of the following independent situations:

Saunders pays Jasper $132,000 cash to purchase Jaspers interest.

Saunders contributes $66,000 to the partnership, acquiring a 1/4 interest in the business.

Saunders contributes $66,000 to the partnership, acquiring a 1/6 interest in the business.

Saunders contributes $66,000 to the partnership, acquiring a 1/3 interest in the business.