X and Y, partners in a consulting business, share profits and losses equally. Prior to recording the admission of C as a new partner, X has a capital balance of $40,000, and Y has a capital balance of $30,000.

Required:

For each of the following independent cases, prepare the journal entry that was made to record the admission of C into the partnership.

a. C is admitted to the partnership with a cash investment of $45,000.

b. C purchased a one-quarter interest for $45,000.

c. X and Y agreed to give C a two-fifths in the new partnership for .$45,000

d.X and Y are not willing to have their capital accounts reduced, but they are willing to allow C a two-fifths interest in the firm for his investment to $45,000.