A condensed balance sheet for the Pet, Qua, and She partnership at December 31, 2016, and their profit and loss-sharing percentages on that date are as follows:

On January 1, 2017, the partners decided to bring Tom into the partnership for a one-fourth interest in the capital and profits of the partnership. The following proposals for Tom's admittance into the partnership were considered:
1. Tom would purchase one-half of Pet's capital and right to future profits directly from Pet for $60,000.
2. Tom would purchase one-fourth of each partner's capital and rights to future profits by paying a total of $45,000 directly to the partners.
3. Tom would invest $55,000 cash in the partnership for a 25 percent interest in capital. Future profits would be divided 37.5 percent, 22.5 percent, 15 percent, and 25 percent for Pet, Qua, She, and Tom, respectively.
REQUIRED:
Prepare journal entries with supporting computations to show Tom's admittance into the partnership under each of the given proposals assuming that:
1. Partnership net assets are not to be revalued.
2. Partnership net assets are to be revalued.

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Condensed Balance Sheet at December 31, 2016 Cash Other assets Total assets $15,000 185,000 $200,000 Liabilities Pet capital (50%) Qua capital (30%) She capital (20%) $50,000 75,000 50,000 25,000 $200,000 nl liaalypital