Leo, Amanda, and Nancy are partners with the following capital balances and profit-and-loss sharing

ratios:

Leo(30%)$500,000

Amanda (25%)300,000

Nancy(45%)650,000

Required:

Prepare the journal entries to admit Tim into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent scenarios:

1.Amanda assigns half of her interest to Tim for $200,000.

2.Tim invests $100,000 cash in the partnership for a 20% interest in the partnership capital and profits and the partnership assets are revalued.

3.Tim invests $170,000 cash in the partnership for a 10% interest in the capital and profits of the partnership and the partnership assets are revalued.

4.Tim invests $350,000 cash in the partnership for a 20% interest in the capital and profits of the partnership and the partnership assets are not revalued.