Catherine Vollick and Danica Hubbard are partners. To expand the expertise of their business, they have agreed to admit Kyle Simon to the partnership on January 1, 2019. The capital account balances on January 1, 2019, after revaluation of assets, are Vollick, $90,000, and Hubbard, $70,000. Net income or net loss is shared equally. Record the admission of Simon to the partnership on January 1, 2019, assuming that Vollick sells 1/2 of her interest to Simon for $60,000 in cash