Todd Stratton has a capital balance of $$24,000$; Sharon Silver's balance is $$19,000.$ Gavin Howard pays $$100,000$ to purchase Silver's interest in the Stratton & Silver partnership. Silver gets the full $$100,000.$

Requirements

Journalize the partnership's transaction to admit Howard to the partnership.

Must Stratton accept Howard as a full partner? What rights does Howard have after purchasing Silver's interest in the partnership?

Requirement $1.$ Journalize the partnership's transaction to admit Howard to the partnership. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Date $1$ Accounts and Explanation