East and Hunter have partner capital balances of $228,000 and $192,000, respectively. East receives 60% of profits and losses and Hunter receives 40%. Assume Phil contributes $105,000 to acquire a 25% interest in the new partnership of East Hunter and Phil Requirements 1. Calculate Phil's capital in the new partnership 2. Journalize the partnership's receipt of cash from Phil. Requirement 1. Calculate Phil's capital in the new partnership. Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to Requirement 2. Journalize the partnership's receipt of cash from Phil. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit