Question 1 Q:12

Geary, Meehan, and Lowell, a partnership, is considering admitting Tack as a new partner. On July 31,2024 , the capital accounts of the three existir partners and their profit-and-loss-sharing ratio are as follows: (Click the icon to view the partners' capital accounts and their profit-and-loss-sharing ratio.) Read the requirements. Requirement 1. Journalize the admission of Tack as a partner on July 31 if Tack pays Lowell $210,000 cash to purchase Lowell's interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. Journalize the admission of Tack as a partner on July 31 if Tack contributes $105,000 to the partnership, acquiring a 1/4 interest in business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 3. Journalize the admission of Tack as a partner on July 31 if Tack contributes $105,000 to the partnership, acquiring a 1/6 interest in business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) \( \frac{\text { D }}{\hline \hline \mathrm{Ju}} \) Requirement 4. Journalize the admission of Tack as a partner on July 31 if Tack contributes $105,000 to the partnership, acquiring a 1/3 interest in business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements Journalize the admission of Tack as a partner on July 31 for each of the following independent situations: 1. Tack pays Lowell $210,000 cash to purchase Lowell's interest. 2. Tack contributes $105,000 to the partnership, acquiring a 1/4 interest in the business. 3. Tack contributes $105,000 to the partnership, acquiring a 1/6 interest in the business. 4. Tack contributes $105,000 to the partnership, acquiring a 1/3 interest in the business. Data table