16 17 The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital Robbins, Capital $155,000 145,000 points eBook Prince is allocated 70 percent of all profits and losses with the remaining 30 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances. On January 2, 2021, Jeffrey invests $88,000 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 $28,000. 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. Required A Required B Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 1 1 Goodwill Robbins, Capital Prince, Capital 2 2 Cash Jeffrey, Capital < Required A Required B > Debit Credit 52,000 15,600 38,400 88,000 88,000 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule showing how the 2021 net income allocation to the partners should be determined. (Loss amounts should be indicated with a minus sign.) Net income Interest Remainder to allocate Total allocation Prince Robbins Jeffrey Total 0 $ 0 0 $ $ $ 0 $ 0 < Required A Required B >