Admitting New Partner Who Contributes Assets

After the tangible assets have been adjusted to current market prices, the capital accounts of Elayne Summers and Murv

Newcomb have balances of $$77,000$ and $$116,000,$ respectively. Rose Clayton is to be admitted to the partnership, contributing

$$52,000$ cash to the partnership, for which she is to receive an ownership equity of $$68,000.$ All partners share equally in income.

a$.$ Journalize the entry to record the admission of Rose Clayton, who is to receive a bonus of $$16,000.$ 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?

Partner

Balance

Elayne Summers

$

Murv Newcomb

$

Rose Clayton

$