P12-358 Pike, Quinn, and Reed are considering adding Shipp as a new partner. On March 31 of the current year, the capital accounts of the three exist ing partmers and their shares of profits and losses are as follows Capital S 50,000 Profit-and-Loss % 20% 30% 50% Pike inn 100,000 150,000 Requirements Journalize the admission of Shipp as a partner on March 31 for each of the following independent situations 1. Shipp pays Reed $200,000 cash to purchase Reed's interest in the partnership. (pp. 603-605) interest in the business. (pp. 605-606) interest in the business. (pp. 607-608) 2Shipp invests $100,000 in the partnership, acquiring a one-fourth .Shipp invests $80,000 in the partnership, acquiring a one-fourth