HomeworkAssignment#2(Partnership Formation, etc.) I. Facts: Alice, Bob, and Carol are partners in a computer repair business. The following balance sheet is for the partnership prior to the admission of a new partner, Ted: Cash Other Assets $120,000 90,000 $210,000 Total Assets 30,000 Liabilities Alice, Capital (20%) Bob, Capital (30%) Carol, capital (50%) 70,000 50,000 Total Liabilities &Partners' Equity $210,000 Figures shown in parentheses reflect agreed-upon profit-and-loss-sharing percentages. Required: Prepare the necessary journal entries to record the admission of Ted in each of the following independent stuations. 1. Ted is to invest sufficient cash to receive a 1/4 capital interest. The admission is to be re- corded without recognizing goodwill or a bonus. 2. Ted is to invest $50,000 for a one-fifth capital interest. (Use bonus and goodwill methods.) 3. Ted purchases Carol's interest for $52,000