Persimmon has $75,000 capital and Hawk has $45,000 capital in the Persimmon & Hawk partnership. Persimmon and

Question:

Persimmon has $75,000 capital and Hawk has $45,000 capital in the Persimmon & Hawk partnership. Persimmon and Hawk share profits and losses equally. Judy Pound invests cash of $40,000 to acquire a 1/4 interest in the new partnership.
Requirements
1. Calculate Pound’s capital in the new partnership.
2. Journalize the partnership’s receipt of the $40,000 from Pound.