The Prince-Robbins partnership has the follmving capital account balances on January 1.2015: Prince, Capital Robbins, Capital s 70,000 60,000 Prince is allocated 80 percent Of all profits and losses With the remaining 20 percent assigned to ns after interest Of 10 percent is given to each partner based on beginning capital balances On January 2, 2015 Jeffrey invests S37g)00 cash for a 20 percent interest in the partnership This ransaction is recorded by the goodwill method After this transaction. 10 percent interest is still to go to partner profits and losses will then be as follows Prince (50%), Robbins (30%). and Jeffrey 20%) In 2015, the pannership reports a net income of S15,OOO_ Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2016. (If no ento is required for a transaction'event, select "No journal entry required" in the first account field.) prince, Capital Robbins, Capital Jeffrey. capital 18,000 14,400 3,600 ooo