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. All partners share equally in income.

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a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.

blank	CashGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingCash
	Grayson Jackson, CapitalGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingGrayson Jackson, Capital
	Grayson Jackson, DrawingHarry Barge, CapitalHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingHarry Barge, Capital
	CashGrayson Jackson, CapitalHarry Barge, CapitalLewan Gorman, CapitalLewan Gorman, DrawingLewan Gorman, Capital

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b. What are the capital balances of each partner after the admission of the new partner?

Partner	Balance
Grayson Jackson	$fill in the blank 59b17bfbcfa0041_1
Harry Barge	$fill in the blank 59b17bfbcfa0041_2
Lewan Gorman	$fill in the blank 59b17bfbcfa0041_3