The Struter Partnership has total partners' equity of $480,000, which is made up of Main, Capital, $336,000, and Frist, Capital, $144,000. The partners share net income and loss in a ratio of 71% to Main and 29% 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. (1) Record the admission of Adison with an investment of $120,000 for a 20% interest in the equity and a 20% share in any income and loss.

2. (2) Record the admission of Adison with an investment of $155,000 for a 20% interest in the equity and a 20% share in any income and loss.

3. (3) Record the admission of Adison with an investment of $90,000 for a 20% interest in the equity and a 20% share in any income and loss.

Journal entry worksheet Record the admission of Adison with an investment of $155,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Credit Transaction (2) Debit 155,000 General Journal Cash Adison, Capital Main, Capital Frist, Capital 127,000 Journal entry worksheet