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The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share
The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share net income and loss in a ratio of 79% to Main and 21% 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 independent assumption. (1) Record the admission of Adison with an investment of $95,000 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 $130,000 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 $65,000 for a 20% interest in the equity and a 20% share in any income and loss. A No Transaction (1) Cash Adison, Capital B (2) Cash Main, Capital Frist, Capital Adison, Capital Answer is not complete. General Journal Debit Credit 95,000 95,000 0000 130,000 67,150 X 17,850 x 45,000 x
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