Data table as a new aring ratio paring ratio. rentham pay ect the expla Requirements Journalize the admission of Wrentham as a partner on July 31 for each of the following independent situations: 1. Wrentham pays Loiselle $156,000 cash to purchase Loiselle's interest. 2. Wrentham contributes $78,000 to the partnership, acquiring a 1/4 interest in the business. 3. Wrentham contributes $78,000 to the partnership, acquiring a 1/6 interest in the business. 4. Wrentham contributes $78,000 to the partnership, acquiring a 1/3 interest in the business. Hutchinson, Master, and Loiselle, a partnership, is considering admitting Wrentham as a new partner. On July 31 , 2024, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio are as follows: (Click the icon to view the partners' capital accounts and their profit-and-loss-sharing ratio.) Read the requirements. Requirement 1. Journalize the admission of Wrentham as a partner on July 31 if Wrentham pays Loiselle $156,000 cash to purchase Loiselle's interest. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. Journalize the admission of Wrentham as a partner on July 31 if Wrentham contributes $78,000 to the partnership, acquiring a 1/4 interest in the business. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 31 \begin{tabular}{|l|l||r|} \hline Hutchinson, Capital \\ \hline Master, Capital & 39000 & \\ \hline Loiselle, Capital & & \\ \hline & & \\ \hline To record Wrentham's contribution and bonus to existing partners. \\ \hline \end{tabular}