3. On August 1, Joan Taylor and Tom Maid are partners in The Taylor Maid Company. They have capital balances of $30 000 and $20 000 respectively, and have an income ratio of 60% and 40%. Record journal entries for each of the independent situations below about the admission of a new partner: a. Jim Zucher agrees to purchase half of Taylor's equity for $18.000. b. Barry Thompson agrees to purchase all of Maid's equity for $17 000. c. Gary Malley invests $5 000 cash and equipment with a fair market value of $9 000 in the business. 4. On September 1, P. Duke, L. King and P. Prince are partners with an income ratio of 5:3:2 and $70 000, $45 000 and $28 000 in their capital accounts, respectively. They think that K. Knight would be a good fit to join their partnership. Record the entry of Knight under the following assumptions: a. Knight purchases 30% of King's equity for $20 000. b. Knight enters the partnership by investing $15 000 cash in the business. Date Particulars General Journal Debit Page Credit