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 existing partners and their shares of profits and losses are as follows: 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. 607-608)