3 The Prince-Robbins pertnership has the following capital account balances on January 1, 2015 10 points Prince. Capital $115.000 Robbins, Capital 105,000 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 Peint beginning capital balances On Jenuary 2, 2015, 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%) Robbins (30%), and Jeffrey (20%. In 2015, the partnership reports a Reterences net income of $24,000 a. Prepare the journal entry to record Jeffrey entrance into the partnership on January 2 2015 (If no entry Is required for a transaction/event, select "No Journel entry required" In the first account field.) Journal entry worksheet Record the cash received from new partner Nete Enter debits Defore credits General Journal Debit Credit Jeffrey. Captal 4.000 Reoord entry b. Determine the allocation of income at the end of 2015 Pnince