Problem
Mr. Sánchez, Mr. González and Mr. Pérez share income in their partnership on a 5:3:2 basis. They have principal balances of $34,000, $26,000, and $21,000 respectively. Then Mr. Navarro is accepted as a fourth partner in the partnership. Prepare the records in the Journal when the new partner, Mr. Navarro, is accepted as a fourth partner in the partnership under the following three scenarios,
1. Purchase of 50% of Sánchez's capital for $19,000.
2. Purchase of 50% of the capital of González for $12,000.
3. Purchase of 33 1/3% of Pérez's capital for $9,000.