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Admitting New Partners Who Buy an Interest and Contribute Assets The capitak accounts of Trent Henry and Tim Chou have balances of $163,500 and $117,600,
Admitting New Partners Who Buy an Interest and Contribute Assets The capitak accounts of Trent Henry and Tim Chou have balances of $163,500 and $117,600, respectively, LeAmine Gibert and Eecky Clarke are to be admitted to the partnership. Gilbert buys one-fitth of Henry's interest for $37,600 and one-fourth of Chou'sinterest for $25,900. Clarke contributes $39,900 cash to the partnership, for which she is to receive an ownership equity of $39,900. a1. Joumalize the entry to record the admission of Gibert. For a compound transaction, if an amount box does not require an entry, leave it biank. a2. Joumalize the entry to recoed the admission of Clarke. b. What are the capital balances of each partner after the admission of the new partners
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