Ch 12 Homework A-Graded Question 4, SF12- 7 (similar to) Part 1 of 2 HW Score: 23.72%, 20.4 of 86 points Save O Points: 0 of 10 Peer has $99,500 capital and Hammet has $53,500 capital in the Peer & Hammet partnership. Peer and Hammet share profits and losses equally. Nick Powell contributes cash of $51,000 to acquire a 1/4 interest in the new partnership Requirements 1. Calculate Powell's capital in the new partnership. 2. Journalize the partnership's receipt of the $51,000 from Powell. CICERD Requirement 1. Calculate Powell's capital in the new partnership. (Leave unused cells blank. Do not enter a "0" for a zero balance.) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to