Fullscree Chester 24 000 Norbert (1500) On July 1, 2010, halfway through the year, Chester and Norbert admitted Telford to the partnership. Telford brought $40 000 in cash, a motor car valued at $35 000 and equipment valued at $25 000. (a) Prepare the journal entry to record the admission of Telford into the partnership. 3 marks) Between January 1, 2010 and December 31, 2010 the following activities occurred. Partners' Drawings: Chester s 6 400 7 000 Norbert Net Income of $122 330 was earned evenly throughout the year. The ONLY CHANGE in the partnership agreement provides for profit and loss to be shared among the partners in the ratio of Chester 3: Norbert 2: Telford 1. Note: all other provisions remain the same