Enos and Homer have partner capital balances of ($227,000) and ($173,000,) respectively. Enos receives 70% of profits

Question:

Enos and Homer have partner capital balances of $$227,000$ and $$173,000,$ respectively.
Enos receives 70% of profits and losses, and Homer receives 30%. Assume Poindexter contributes $$100,000$ to acquire a 25% interest in the new partnership of Enos, Homer, and Poindexter.
Requirements

1. Calculate Poindexter’s capital in the new partnership.
2. Journalize the partnership’s receipt of cash from Poindexter.

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