After the tangible assets have been adjusted to current market prices, the capital accounts of Elayne Summers and Murv Newcomb have balances of $175,000 and $240,000, respectively. Rose Clayton is to be admitted to the partnership, contributing $80,000 cash to the partnership, for which she is to receive an ownership equity of $90,000. All partners share equally in income. a. On December 31, journalize the entry to record the admission of Rose Clayton, who is to receive a bonus of $10,000. b. What are the capital balances of each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? eck My Work All work saved. Previous Next Save and Exit Submit Assignment for Grading