Hancock, McCabe, and Johnson are considering adding Ken Sacchetti as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:

Requirements
Journalize the admission of Sacchetti as a partner on July 31 for each of the following independent situations:
1. Sacchetti pays Johnson $144,000 cash to purchase Johnson€™s interest in the partnership.
2. Sacchetti invests $72,000 in the partnership, acquiring a 1/4 interest in the business.
3. Sacchetti invests $72,000 in the partnership, acquiring a 1/6 interest in the business.
4. Sacchetti invests $72,000 in the partnership, acquiring a 1/3 interest in thebusiness.

Capital Hancock.. 36,000 72,000 108,000 Profit-and-Loss % 20% 25% 55% McCabe Johnson