Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $198,000 and $142,400, respectively, LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $45,500 and one-fourth of Chou's interest for $31,300. Clarke contributes $48,300 cash to the partnership, for which she is to receive an ownership equity of $48,300 al. Journalize the entry to record the admission of Gilbert. For a compound transaction, if an amount box does not require an entry, leave it blank Trent Henry, Capital | 45.500| x Tim Chou, Capital 31,300 x LeAnne Gilbert, Capital 76.800 X a2. Journalize the entry to record the admission of Clarke. Cash 48.300 Becky Clarke, Capital 48,300 b. What are the capital balances of each partner after the admission of the new partners? Capital Balance Partner Trent Henry 152,500X Tim Chou 111,100X 76,800X LeAnne Gilbert 48,300 Becky Clarke