Pineridge Consulting Associates is a partnership, and its owners are considering admitting Helen Fluery as a new partner. On March 31, 2020, the Capital accounts of the three existing partners and their shares of profits and losses are as follows:

Required

Journalize the admission of Fluery as a partner on March 31, 2020, for each of the following independent situations:

a. Fluery pays Lowe $200,000 cash to purchase Lowe’s interest in the partnership.

b. Fluery invests $100,000 in the partnership, acquiring a one-fourth interest in the business.

c. Fluery invests $80,000 in the partnership, acquiring a one-fourth interest in the business.

Transcribed Image Text:

Capital $ 50,000 Sharing Percentage Jim Zook.. 40% Richard Land. 100,000 20 Jennifer Lowe . 150,000 40