1. Holden, Patrick, and Levi have capital balances of $60,000, $35,000, and $100,000, respectively. The partnership agreement provides that profits and losses are to be distributed using the agreed ratio of 40/35/25. Cobe would like to join the partnership and have a 20% interest and has offered $40,000 to do so. The book value of net assets is $195,000 and the market value is $235,000. Using an excel spreadsheet, prepare a schedule showing the calculation of the new capital balances for this partnership if it is agreed that Cobe may join.