Hanson, Mahoney, and Longval, a partnership, is considering admitting Kellan Young as a new partner. On July 31, 2016, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio is as follows:

Requirements
Journalize the admission of Young as a partner on July 31 for each of the following independent situations:
1. Young pays Longval $168,000 cash to purchase Longval's interest.
2. Young contributes $84,000 to the partnership, acquiring a 1/4 interest in the business.
3. Young contributes $84,000 to the partnership, acquiring a 1/6 interest in the business.
4. Young contributes $84,000 to the partnership, acquiring a 1/3 interest in the business.

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Capital Profit-and-Loss-Sharing % 20% 25% 55% $ 42,000 Hanson Mahoney Longval 84,000 126,000