Derek and Hailey, partners sharing net income in the ratio of 2:1, admit Ben to the partnership in accordance with the following agreement:

(1)	Merchandise inventory recorded in the partnership accounts at $62,500 is to be revalued at its current replacement price of $68,500.
(2)	Ben is to invest $48,000 in cash for a 30% interest in the partnership, which has total net assets (assets minus liabilities) of $130,000 after the inventory is revalued.
(3)	The income-sharing ratio of Derek, Hailey, and Ben is to be 2:1:1.

Required:

(a)	Journalize the entries to record the revaluation of merchandise inventory, and the admission of Ben to the partnership.
(b)	A few years later, the capital balances of Derek, Hailey, and Ben were $150,000, $90,000, and $55,000 respectively. At this time, Kacy is admitted to the partnership by the purchase of one-half of Derek's interest for $80,000. Journalize the entry to record the admission of Kacy to the partnership.