Problem 4. Edward and Richard are partners with capital accounts of $40,000 and $100,000, respectively. They have agreed that Edward will share 40% of profits and losses and Richard will share 60% of profits and losses. Edward, Richard and James agree that James will become a partner in the partnership for a capital contribution of $100,000. Requirements 1. Journal James' admission to the partnership if James is to receive a 25% interest in the partnership. 2. Journal James' admission to the partnership if James is to receive a 50% interest in the partnership