Learning Objective 4 4. Lincoln, Capital $15,950 DR P-F:12-26A Accounting for the admission of a new partner George, Murphy, and Lincoln, a partnership, is considering admitting Thorton as a new partner. On July 31, 2024, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio are as follows: Capital Profit-and-Loss-Sharing % George $ 43,500 20% Murphy 87,000 25% Lincoln 130,500 55% Requirements Journalize the admission of Thorton as a partner on July 31 for each of the following independent situations: 1. Thorton pays Lincoln $174,000 cash to purchase Lincoln's interest. 2. Thorton contributes $87,000 to the partnership, acquiring a 1/4 interest in the business. 3. Thorton contributes $87,000 to the partnership, acquiring a 1/6 interest in the business. 4. Thorton contributes $87,000 to the partnership, acquiring a 1/3 interest in the business