2015 January 1 - McNabb joins the partnership by contributing $56000 in cash. A new partnership agreement is drawn up. Brady, Manning and McNabb agree to salaries of $6000 for each partner and a 5:3:2 income ratio. December 31 - The business recorded a net income of $40000. Brady had drawings of $25000 and Manning had drawings of $5000.

a) Record the entry to admit the new partner into the business.

b) Record the entry to allocate the net income to the partners' capital accounts.

c) Prepare a Statement of Partners' Equity for 2015.