Joe Keho and Mike McLain share income on a 6:4 basis. They have capital balances of $90,000 and $70,000, respectively, when Linda Ronstadt is admitted to the partnership.

Prepare journal entries to record the admission of Linda Ronstadt under each of the following assumptions:

Investment of $100,000 cash for a 25% ownership interest with bonuses to the existing partners.

2. Investment of $36,000 cash for a 25% ownership with a bonus to the new partner.

2) Admission by purchase of an interest. (No Cash)

T. Halo, K. Rose, and J. Lamp share income on a 5:3:2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Tony Bennet is admitted to the partnership.

Prepare the journal entry to record the admission of Tony Bennet under each of the following assumptions.

Purchase of 50% of Halos equity for $19,999.

2. Purchase of 50% of Roses equity for $10,000.

3. Purchase of 1/3 of Lamps equity for $9,000.