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Question 1: Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $51,000 and Roberts has a capital balance of $70,000. Cornell and Roberts share net income in the ratio of 2:8. Prepare journal entries to admit Stanley to the partnership based on the following independent agreements. Round all amounts to the nearest dollar.
a) Stanley invests $50,000 cash into the partnership for a 20% interest.
b) Stanley invests $50,000 cash into the partnership for a 30% interest.
c) Stanley purchases one-third of Cornell's capital for $20,000.
d) Stanley purchases one-half of Robert's capital for $31,000.
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