Jackie Thompson and Rick Chung are partners who share profit on a 3:2 basis, and on July 1, their capital account balances are $165,000 and $136,000 respectively. On July 1, Betty Lo is admitted to the partnership.

Instructions

Prepare the entry to record Bettys admission to the partnership under the following independent situations:

a) Betty purchases 50% of Jackies partnership interest from him for $115,000.

b) Betty purchases a 1/3 interest in the partnership by contributing cash of $96,500.

c) Betty purchases a 1/3 interest in the partnership by contributing cash of $167,900.