P$3.$ Mason, Jiri, and James are partners in Woodware Company. Their capital balances as of July $31,2014,$ are as follows.

$\backslash$table$[[$Mason$,$ Capital$],[$Dr$.,$Cr$.],[,90,000]]$

$\backslash$table$[[$Jiri$,$ Capital$],[$Dr$.,$Cr$.],[,30,000]]$

$\backslash$table$[[$James$,$ Capital$],[$Dr$.,$Cr$.],[,60,000]]$

Each partner has agreed to admit Frank to the partnership.

REQUIRED

Prepare the journal entries to record Frank's admission to or Mason's withdrawal from the partnership under each of the following conditions:

a$.$ Frank pays Mason $$25,000$ for $20$ percent of Mason's interest in the partnership.

b$.$ Frank invests $$40,000$ cash in the partnership and receives an interest equal to her investment.

c$.$ Frank invests $$60,000$ cash in the partnership for a $20$ percent interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances.

d$.$ Frank invests $$60,000$ cash in the partnership for a $40$ percent interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances on July $31,2014.$

e$.$ Mason withdraws from the partnership, taking $$105,000.$ The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the Capital accounts.

f$.$ Mason withdraws by selling her interest directly to Frank for $$120,000.$P$3.$ Mason, Jiri, and James are partners in Woodware Company. Their capital balances as of July $31,2014,$ are as follows.

$\backslash$table$[[$Mason$,$ Capital$],[$Dr$.,$Cr$.],[,90,000]]$

$\backslash$table$[[$Jiri$,$ Capital$],[$Dr$.,$Cr$.],[,30,000]]$

$\backslash$table$[[$James$,$ Capital$],[$Dr$.,$Cr$.],[,60,000]]$

Each partner has agreed to admit Frank to the partnership.

REQUIRED

Prepare the journal entries to record Frank's admission to or Mason's withdrawal from the partnership under each of the following conditions:

a$.$ Frank pays Mason $$25,000$ for $20$ percent of Mason's interest in the partnership.

b$.$ Frank invests $$40,000$ cash in the partnership and receives an interest equal to her investment.

c$.$ Frank invests $$60,000$ cash in the partnership for a $20$ percent interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances.

d$.$ Frank invests $$60,000$ cash in the partnership for a $40$ percent interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances on July $31,2014.$

e$.$ Mason withdraws from the partnership, taking $$105,000.$ The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the Capital accounts.

f$.$ Mason withdraws by selling her interest directly to Frank for $$120,000.$P$3.$ Mason, Jiri, and James are partners in Woodware Company. Their capital balances as of July $31,2014,$ are as follows.

$\backslash$table$[[$Mason$,$ Capital$],[$Dr$.,$Cr$.],[,90,000]]$

$\backslash$table$[[$Jiri$,$ Capital$],[$Dr$.,$Cr$.],[,30,000]]$

$\backslash$table$[[$James$,$ Capital$],[$Dr$.,$Cr$.],[,60,000]]$

Each partner has agreed to admit Frank to the partnership.

REQUIRED

Prepare the journal entries to record Frank's admission to or Mason's withdrawal from the partnership under each of the following conditions:

a$.$ Frank pays Mason $$25,000$ for $20$ percent of Mason's interest in the partnership.

b$.$ Frank invests $$40,000$ cash in the partnership and receives an interest equal to her investment.

c$.$ Frank invests $$60,000$ cash in the partnership for a $20$ percent interest in the business. A bonus is to be recorded for the original partners on the basis of their capital balances.

d$.$ Frank invests $$60,000$ cash in the partnership for a $40$ percent interest in the business. The original partners give Frank a bonus according to the ratio of their capital balances on July $31,2014.$

e$.$ Mason withdraws from the partnership, taking $$105,000.$ The excess of withdrawn assets over Mason's partnership interest is distributed according to the balances of the Capital accounts.

f$.$ Mason withdraws by selling her interest directly to Frank for $$120,000.$