After the tangible assets have been adjusted to current market prices, the capital accounts of Alex Jensen and Elon Craig have balances of $120,000 and $180,000, respectively. Marco Vega is to be admitted to the partnership, contributing $70,000 cash to the partnership, for which he is to receive an ownership equity of $78,000. All partners share equally in income.

a. Journalize the entry to record the admission of Vega, who is to receive a bonus of $8,000. For a compound transaction, if an amount box does not require an entry, leave it blank.

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

Partner	Balance
Alex Jensen	$
Elon Craig	$
Marco Vega	$ 78,000