Erickson and Hadden have partner capital balances of $270,000 and $210,000, respectively. Erickson receives 70% of profits and losses, and Hadden receives 30%. Assume Parker contributes $120,000 to acquire a 25% interest in the new partnership of Erickson, Hadden, and Parker. Requirements 1. Calculate Parker's capital in the new partnership. 2. Journalize the partnership's receipt of cash from Parker. Requirement 1. Calculate Parker'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 Parker $ 480,000 120,000 600,000 150,000 30,000 Requirement 2. Journalize the partnership's receipt of cash from Parker. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Cash Erickson. Capital Help me solve this Etext pages Get more help Media Debit Credit 120,000 Clear all Check answer