0 The Prince-Robbins partnership has the following capital account balances on January 1, 2018 Prince, Capital Robbins, Capital s 115,800 185,890 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 9 perce given to each partner based on beginning capital balances. On January 2, 2018, Jeffrey invests $64,000 cash for a 20 percent interest in the partnership. This transaction ts recorded by the goodwill method. After this transaction, 9 percent interest is still to go to Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent) In 2018, the partnership reports a net income of $24,00o each partner. Profits and losses will then be split as follov a Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2018. b. Determine the allocation of income at the end of 2018. Complete this question by entering your answers in the tabs below. Required A Required Prepare the journal entry to record Jeffrey's entrance rd Xeffrey's entrance into the partnership on January 2, 2018. (tf no entry is required for a partnership on select "No journal entry required" in the first account field.) transact view transaction list Journal entry worksheet Record the cash received from new partner Note: Enter debits before credits Prex 1 of 10 Next > e 9 DOLL The Prince Robbins partnership has the following capital account balances on January 1, 2018 115,ee0 e5,800 Prince, Capital Robbins, Capital Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances On January 2, 2018, Jeffrey invests $64,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 9 percent interest is still to go to each partner Profits and losses will then be split as follows Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2018, the partnership reports a net income of $24,000 a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2. 2018 b. Determine the allocation of income at the end of 2018 Complete this question by entering your answers in the tabs below Required A Required Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for goodwill allocation, during the admission of a new partner before credits c Prex 1 of 0 Next> DOLL The Prince-Robbins partnership has the following capital account balances on January 1, 2018 Prince, Capital Robbins, Capital 115,000 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances On January 2, 2018, Jeffrey invests $64,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 9 percent interest is still to go to each partner. Profits and losses will then be split as follows Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent), In 2018, the partnership reports a net income of $24,000 a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2018 b. Determine the allocation of income at the end of 2018 Complete this question by entering your answers in the tabs below Required A Required Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2018. (If no entry is required for a Journal entry worksheet Record the cash received from new partner Note: Enter debits before C Prev 1 of E Next e 9 DOLL