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 $55,000 and $88,000, respectively. Austin Neel is to be admitted to the partnership, contributing $37,000 cash to the partnership, for which he is to receive an ownership equity of $48,000. All partners share equally in income. a. Journalize the entry to record the admission of Neel, who is to receive a bonus of $11,000. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash 37,000 0 Brad Paulson, Capital 0 Drew Webster, Capital 0 Austin Neel, Capital 0 b. What are the capital balances of each partner after the admission of the new partner? Partner Balance Brad Paulson Drew Webster Austin Neel