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 $58,000 and $87,000, respectively. Austin Neel is to be admitted to the partnership, contributing $39,000 cash to the partnership, for which he is to receive an ownership equity of $51,000. All partners share equally in income. a. Journalize the entry to record the admission of Neel, who is to receive a bonus of $12,000. For a compound transaction, if an amount box does not require an entry, leave it blank. ash Brad Paulson, Capital Drew Webster Capital Austin Neel, Capital Feedback Check My Work 0000 a. Record the cash contribution and increase the new partner's equity account for the ownershit equity received. Reduce the old partners' equity accounts for the transfer of ownership. b. What are the capital balances of each partner after the admission of the new partner? Partner Brad Paulson Drew Webster Austin Neel Balance