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Ivanhoe Oil Imports is a partnership owned by Magda Robinson and Giannis Garcia. The partners share profit on a $3$:$2$ basis, respectively. On January $1,2024,$ they have capital balances of $$110,000$ and $$66,000,$ respectively. On that day, Magda and Giannis agree to admit lona Lee to the partnership in exchange for an investment of cash into the partnership.

Ivanhoe Oil Imports is a partnership owfed by Magda Robinson and Giannis Garcia. The partners share profit on a $3$:$2$ basis, respectively. On$,$ January $1,2024,$ they have capital balances of $$110,000$ and $$66,000,$ respectively. On that day, Magda and Giannis agree to admit Iona Lee to the partnership in exchange for an investment of cash into the partnership.

$($a$)$

Prepare the journal entry to record the admission of Lee on January $1$ under each of the following independent assumptions: $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$

Lee invests $$55,000$ cash for a $30\%$ ownership interest. This is an investment of assets.

Lee invests $$99,000$ cash for a $30\%$ ownership interest. This is an investment of assets.

Date Account Titles

Debit

Credit

Date Account Titles

Debit

Credit

$(1)$ Jan. $1$

G$.$ Garcia, Capital

$(2)$ Jan. $1$

G$.$ Garcia, Capital

M$.$ Robinson, Capital

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