1. On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership....

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1. On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table. 2. Evan $75,000 2 Record journal entries for each of the following unrelated transactions: On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share. Duncan $125,000 Capital balance Profit sharing ratio 3 Prepare the journal entry to admit Foster into the partnership. Show calculations. 1. On July 1, the Duncan & Evan partnership agreed to admit Foster to the partnership. Foster will receive a 40% share of the business for a cash investment of $200,000. Information regarding the partnership records prior to the admission of Foster is located in the table. 2. Evan $75,000 2 Record journal entries for each of the following unrelated transactions: On July 5, Adobe Corporation issued 500 of its common shares for a total of $10,000. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share. Duncan $125,000 Capital balance Profit sharing ratio 3 Prepare the journal entry to admit Foster into the partnership. Show calculations.