Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $120,000 and $180,000, respectively. Austin veel is to be admitted to the partnership contributing 580.000 cash to the partnership, for which he is to receive an ownership equity of $104,000. All partners share equally in income. a. Journalize the entry to record the admission of Neel, who is to receive a bonus of $24.000. For a compound transaction fan amount box does not require an entry leave it blank b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Brad Paulsen Drew Webster Austin Neel Why are tangible assets adjusted to current market prices prior to admitting a new partner? does not sha ny gains are changes in makes to being and Tangible assets should be adjusted to current market prices so that the