for grading. Paul and Ray sell musical instruments through their partnership. To bring in additional funds and expertise, they decide to admit Janet to the partnership Paul's capital s $400,000, Ray's capital is $200,000, and they share income in a ratio of 7:3, respectively Required: Record Janet's admission and the recording of goodwill or inventory write down, as indicated, for each of the following independent situations a) Janet invests $180,000 for a one-fourth interest. Goodwill is to be recorded b) Paul and Ray agree that some of the inventory is obsolete. The inventory account is decreased before Janet is admitted. Janet invests $190,000 for a one-fourth interest