Floyd Austin and Samuel Bradford are partners of Austin & Bradford LLP who share net income and losses equally and have equal capital account balances. The net assets of the partnership have a carrying amount of $80,000. Jason Crade is admitted to Austin, Bradford &

Crade LLP with a one-third interest in net income or losses and net assets. To acquire this interest, Crade invests $34,000 cash in the partnership.

Prepare journal entries to record the admission of Crade in the accounting records of Austin, Bradford & Crade LLP under the:

a. Bonus method.

b. Revaluation of net assets method, assuming partnership inventories are overstated.