P12-28A Hasselback, Krooch & Kinney, a partnership, is considering admi Ken Rosenzweig as a new partner. On July 31 of the current year capital accounts of the three existing partners and their shares of and losses are as follows: Capital $40,000 60,000 80,000 Profit-and-Loss % 20 25 Krooch Requirements Journalize the admission of Rosenzweig as a partner on July 31 for of the following independent situations: 1. Rosenzweig pays Kinney $110,000 cash to purchase Kinney's inter- est. (pp. 603-605) est in the business. (pp. 605-606) est in the business. (pp. 605-606) . Rosenzweig invests $60,000 in the partnership, acquiring a 1/4 inte . Rosenzweig invests $60,000 in the partnership, acquiring a 1/6 inte