P12-35B 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 partners and their shares of profits and losses are as follows: Profit-and-Loss % 20% Pike... Quinn Reed.......... Capital $ 50,000 100,000 150,000 30% 50% 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) 2. Shipp invests $100,000 in the partnership, acquiring a one-fourth interest in the business. (pp. 605-606) 3. Shipp invests $80,000 in the partnership, acquiring a one-fourth interest in the business. (pp. 607608)