Franklin Winston and Haley Thomas are partners in Technology Applications. The balances of their capital accounts on January 2, 2019, after revaluation of assets were Winston, $240,000, and Thomas, $320,000. Profits and losses are shared in the ratio of 55:45 between Winston and Thomas. The partners agree to admit Wilson Martin to the partnership, effective January 3, 2019.

INSTRUCTIONS
Give the entries in general journal form to record the admission of Martin under each of the following independent conditions:
1. Winston sells one-half of his interest in the partnership to Martin for $176,000 in cash.
2. Thomas sells one-half of his interest in the partnership to Martin for $128,000 in cash.
3. Martin invests $240,000 in the business for a one-fourth interest in the partnership.
4. Martin invests $240,000 in the business for a 35 percent interest in the partnership.
Analyze: What percentage of partnership equity is owned by Winston and by Thomas after transaction 4?