Rugged Sports Enterprises LP is organized as a limited partnership consisting of two individual partners. Hockey LP and Football LP Both partners separately operate a minor league hockey team and a semipro football team Hockey LP $ 388,000 37,419 Balance at 6/30/2016 Annual net income Cash distribution Balance at 6/30/2017 Football LP $1,262,800 767,690 (75,000 $1,954,890 Total $1,570, see 884,509 (75,000 $2,300,309 $ 345,419 Compute partner return on equity for each limited partnership (and the total) for the year ended June 30, 2017 using the following selected data on partner capital balances from Rugged Sports Enterprises LP Return on Equity Choose Numerator: Choose Denominator: Net Income Average equity 804 509 1 5 1.570,800 Return On Equity Return On Equity 512% Rugged Sports Enterprises LP Partner Return on Equity Choose Denominator: Partners Choose Numerator: Partner Return On Equity Partner Return On Equity Hockey LP Football LP The Struter Partnership has total partners' equity of $400,000, which is made up of Main, Capital, $280,000, and Frist, Capital, $120.000 The partners share net Income and loss in a ratio of 76% to Main and 24% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss Prepare journal entries to record the admission of Adison for a 20% Interest in the equity and a 20% share in any income and loss under the following independent assumptions (1) Record the admission of Adison with an investment of $100,000 for a 20% interest in the equity and a 20% share in any income and loss (2) Record the admission of Adison with an investment of $135,000 for a 20% Interest in the equity and a 20% share in any income (3) Record the admission of Adison with an investment of $70,000 for a 20% interest in the equity and a 20% share in any income and loss and loss View transaction list View journal entry worksheet No General Journal Debit Credit Transaction (1) + Cash 14,500,000 Adison Capital 0 2 (2) Cash Adison, Capital Main, Capital Frist Capital 3 13) Cash Man Capital Frist, Capital Adison Capital