1 12 points eBook Ask Print References The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital Robbins, Capital $ 130,000 120,000 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances. Check my work On January 2, 2021, Jeffrey invests $73,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 7 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 2021, the partnership reports a net income of $23,000. a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2021. b. Prepare a schedule showing how the 2021 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. W

The Prince-Robbins partnership has the following capital account batances on January 1,2021 . Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 7 percent is given to eoch porther bosed on beginning capital bolances: On Jonuary 2.2021 , Jeffrey invests $73,000 cosh for a 20 percent interest in the parthership The transaction is recorded by the goodwill method After this transoction. 7 percent interest is still to go to each partner. Profits and iosses wit then be splat as follows. Prince (50 percent). Robbins (30 percent) and Jeffrey (20 percent) in 2021, the porthership reports a net incorne of $23,000 a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2,2021. b. Prepore o schedule showng how the 2021 net income allocation to the parthers should be defermined Complete this question by entering your answers in the tabs below