FACULTY OF COMMERCE, MANAGEMENT AND LAW Admission of new partner Arthur and Blaise's youngest brother, Claude, recently graduated as a sound engineer an Arthur and Blaise decided to admit Claude as a third partner of Ubisoft Entertainment on 0 January 2021. A revaluation of all assets and liabilities were done. It was decided to show th following assets at their revalued amounts: Furniture and equipment N$50,000 Inventory N$121 670 All other assets and liabilities are correctly valued in the books. Goodwill will not be shown in the new partnership's books. Partners will share profits in the ratio 1:1:1. Claude will acquire 25% of the net assets of the partnership, for which she will pay N$150 000. Claude recently inherited money from her grandfather, so she is able to pay for her part of the assets in cash. You are required to: 2.1 Prepare the statement of profit or loss and other comprehensive income ended 31 December 2020 for Ubisoft Entertainment. (13 marks) for the year 2.2 Prepare the Profit Appropriation account as at 31 December 2020 before Claude was admitted as a partner. (10 marks) 2.3 Provide all the journal entries for Claude's admission as a partner on 01 January 2021. Journal narrations are not required. (15 marks)