The Struter Partnership has total partners' equity of $320,000, which is made up of Main, Capital, $224,000, and Frist, Capital, $96,000. 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 $80,000 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 $115,000 for a 20% interest in the equity and a 20% share in any income and loss.

(3) Record the admission of Adison with an investment of $50,000 for a 20% interest in the equity and a 20% share in any income and loss.

Record the admission of Madison with an investment of $80,000 for a 20% interest in the equity and a 20% share in any income and loss.

Transaction	General Journal	Debit	Credit
(1)

Record the admission of Madison with an investment of $115,000 for a 20% interest in the equity and a 20% share in any income and loss.

Transaction	General Journal	Debit	Credit
(2)

Record the admission of Madison with an investment of $50,000 for a 20% interest in the equity and a 20% share in any income and loss.

Transaction	General Journal	Debit	Credit
(3)