A. B. Partnership Balance Sheet showed the following at Dec, 31, 2017 1- The total assets equal $ 440,000 2- The total liabilities equal $ 40,000 3- C , the admitted paid cash 20,000 and introduced machine valued 30,000 to get 20% investment 4- income and capital ratio equally

1- Record the entry of admission

2- Prepare the balance sheet after admissions