Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively, Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500 Al partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive o bonus of $7,200. If an 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? c. Why are tangible assets adjusted to current market prices prior to admitting a new parther? Tangible assets should be adjusted to current market prices so that the new partner being admitted. For example, if the market price of land doubled prior to admitting new parthers. land in their copital accounts prior to the new parthers' admission. Otherwise, any gains or losses from changes in market prices prior to should realize the increase in the value of the Would share in the increase in the market value of the land