DO EX 12-11 Admitting new partners who buy an interest and contribute assets The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the part nership. Wells buys one-fifth of Faber's interest for $35,000 and one-fourth of Ahmad's interest for $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000. a. Journalize the entries to record the admission of (1) Wells and (2) Lee. b. What are the capital balances of each partner after the admission of the new partners