Sudden Valley Resort is a partnership, and its owners are considering admitting Ben Peller as a new partner. On July 31, 2017, the Capital accounts of the three existing partners and their shares of profits and losses are as follows:

Required
Journalize the admission of Peller as a partner on July 31, 2017, for each of the following independent situations:
a. Peller pays Harmon $55,000 cash to purchase Harmon's interest.
b. Peller invests $30,000 in the partnership, acquiring a one-quarter interest in the business.
c. Peller invests $30,000 in the partnership, acquiring a one-sixth interest in the business.

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Capital Profit-and-Loss Percentage $20,000 20% Amy Osler... Brian Harmon. 30,000 40,000 30