Phil phoenix and tim tucson are partners in an electrical repair business. their respective capital balances are $87,100 and $48,200, and they share profits and losses equally. because the partners are confronted with personal financial problems, they decided to admit a new partner to the partnership. after an extensive interviewing process they elect to admit don dallas into the partnership. prepare the journal entry to record the admission of don dallas into the partnership under each of the following conditions: 1. don acquires one-fourth of phil’s capital interest by paying $31,100 directly to him. 2. don acquires one-fifth of each of phil’s and tim’s capital interests. phil receives $24,500 and tim receives $14,600 directly from don. 3. don acquires a one-fifth capital interest for a $60,800 cash investment in the partnership. total capital after the admission is to be $196,100. 4. don invests $39,220 for a one-fifth interest in partnership capital. implicit goodwill is to be recorded.