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 the business.
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