E 16-7 Investing in existing partnership Liu and Wang are in a partnership with a profit-sharing ratio of 40 percent and 60 percent, respectively. Liu has a capital balance of $3,000,000 and Wang has a capital balance of $2,500,000. The partners agree to admit Ping into the partner- ship for a 40 percent interest with an investment of $6,000,000. REQUIRED 1. Calculate the balance of each partner's capital if the assets of the partnership are revalued. 2. Calculate the balance of each partner's capital if the assets of the partnership are not revalued