In Crane Co$.,$ capital balances are Irey $$37,900$ and Pedigo $$45,400.$ The partners share income equally. Vernon is admitted to the firm with a $42\%$ interest by an investment of cash of $$48,800.$

Journalize the admission of Vernon. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit