After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $119,000 and $190,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $80,000 cash to the partnership, for which he is to receive an ownership equity of $104,000. All partners share equally in income. a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $24,000. If an amount box does not require an entry, leave it blank. Cash Grayson Jackson, Capital Harry Barge, Capital Lewan Gorman, Capital 8,000 b. What are the capital balances of each partner after the admission of the new partner? Partner Grayson Jackson Balance Harry Barge Lewan Gorman Feedback Check My Work b. Old partner capital amounts must be adjusted for the bonus. New partner: received ownership equity amount. c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the new partner being admitted. For example, if the market price of land doubled prior to admitting new partners, any gains or losses from changes in market prices prior to should realize the increase in the value of the