Assume the following information just prior to the admission of new partner I:

Required: Prepare journal entries to record the following unrelated scenarios:
1. New partner I purchases partners G's partnership interest for $40,000.
2. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H.
3. New partner I contributes land with a fair value of $100,000. Relative ownership interests after this transaction are:
Partner Ownership interest
G 20%
H 5%
I ______75%____
_____100%___

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Assets Liabilities 8,000 Cash Accounts receivable $ 5,000 43,000 Accounts payable Partners' Capital $30,000 G, Capital H, Capital 10,000 40,000 $48,000 $48,000