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 $$82,000$ and

$$131,000,$ respectively. Rose Clayton is to be admitted to the partnership, contributing $$55,000$ cash to the partnership, for which she is to receive an ownership

equity of $$72,000.$ All partners share equally in income.

a$.$ Journalize the entry to record the admission of Rose Clayton, who is to receive a bonus of $$17,000.$ If an amount box does not require an entry, leave it blank.

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

Partner

Balance

Elayne Summers

$

X

Murv Newcomb

$

Rose Clayton