Bailey and Banks allow Biddle to purchase a 25% interest in their partnership for $30,000 cash Biddle has exceptional talents that will enhance the partnership. Bailey's and Bank's capital account balances are $55,000 each. The partners have agreed to share income or loss equally. Prepare the general journal entry to record the admission of Biddle to the partnership. Conklin plans to leave the CAP Partnership. The recorded value of his capital account is $48,000. The remaining partners Arthurs and Preston agree to pay Conklin $40,000 cash and Conklin accepts. The two remaining partners agree to share future income in the ratio of 40% to Arthurs, and 60% to Preston. Prepare the general journal entry to record the withdrawal from the partnership