Partner Admission LOS EXERCISE 15-7 Phil Phoenix and Tim Tucson are partners in an electrical repair business. Their respective capital balances are $90,000 and $50,000, and they share profits and losses equally. Because the partners are confronted with personal financial problems, they decided to admit a new partner to the partner ship. After an extensive interviewing process they elect to admit Don Dallas into the partnership. Required: Prepare the journal entry to record the admission of Don Dallas into the partnership under each of the following conditions: 1. Don acquires one-fourth of Phil's capital interest by paying $30,000 directly to him. 2. Don acquires one-fifth of each of Phil's and Tim's capital interests. Phil receives $25,000 and Tim receives $15,000 directly from Don. 3. Don acquires a one-fifth capital interest for a $60,000 cash investment in the partnership. Total capital after the admission is to be $200,000, 4. Don invests $40,000 for a one-fifth interest in partnership capital. Implicit goodwill is to be recorded, consistent with the non-GAAP use of the goodwill method for internal purposes