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 invested $48,000 in cash for a 30% interest in the partnership, which has total net assets (assets minus liabilities) of $130,000 which includes the inventory revaluation and the cash invested by Ben. (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 Dereks interest for $80,000. Journalize the entry to record the admission of Kacy to the partnership.* *Refer to the Chart of Accounts for exact wording of account titl