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The Struter Partnership has total partners' equity of $360,000, which is made up of Main. Capital, $252,000, and Frist, Capital, $108,000. The partners share net

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The Struter Partnership has total partners' equity of $360,000, which is made up of Main. Capital, $252,000, and Frist, Capital, $108,000. The partners share net income and loss in a ratio of 70% to Main and 30% to Frist. On November 1, Madison 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 Madison for a 20% interest in the equity and a 20% share in any income and loss under the following independent assumptions. Record the admission of Madison with an investment of $90,000 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 $125,000 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 $60,000 for a 20% interest in the equity and a 20% share in any income and loss

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