Summer has a capital balance of $23,000; Smith's balance is $16,000. Hamner pays $120,000 to purchase Smith's interest in the Summer & Smith partnership. Smith receives the full $120,000. Read the requirements. Requirement 1. Journalize the partnership's transaction to admit Hamner to the partnership. (Record debits first, then credits. Select the explanation on the last line the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Must Summer accept Hamner as a full partner? What rights does Hamner have after purchasing Smith's interest in the partnership? O A. Summer has the right to refuse to accept Hamner into the partnership. Hamner must go through a thirty day trial period to ensure his ideas of the partnership are similar to the other partners. Any partner who owns more than 50% of the partnership must also agree to accept Hamner as a full partner. Partner's owning less than 50% can voice their opinion; however, it is not mandatory to take their vote into account. OB. Summer must accept Hamner into the partnership. Hamner automatically becomes a partner with the full rights and benefits that any other partner has according to the partnership agreement. C. Summer must accept Hamner into the partnership. After Hamner purchases Smith's interest in the partnership, he has up to thirty days to inform the other partners of any changes he would like to make. If these changes are not approved unanimously, Hamner can terminate his purchase into the partnership. OD. Summer has the right to refuse to accept Hamner into the partnership. After being accepted into the partnership and purchasing the partnership interest of Smith, Hamner has the full rights of a partner. However, Summer has to agree to this change. Requirements 1. Journalize the partnership's transaction to admit Hamner to the partnership. 2. Must Summer accept Hamner as a full partner? What rights does Hamner have after purchasing Smith's interest in the partnership? Print Done