On January 31, 2005, Nancy Ross and John Clemon were admitted to Logan, Marsh &

Noble LLP (CPA firm), which had net assets of $120,000 prior to the admission and an income-sharing ratio of Logan, 25%; Marsh, 35%; and Noble, 40%. Ross paid $20,000 to Carl Logan for one-half of his 20% share of partnership net assets on January 31, 2005, and Clemon invested $20,000 in the partnership for a 10% interest in the net assets of Logan, Marsh, Noble, Ross & Clemon LLP. No goodwill was to be recognized as a result of the admission of Ross and Clemon to the partnership.

Prepare separate journal entries on January 31, 2005, to record the admission of Ross and Clemon to Logan, Marsh, Noble, Ross & Clemon LLP.