Interest Payment Intern -. Amortization at - Chapter 14 Long-Term Liabilities: Bor " 2 . Joan and Kim own and operate a partnership. Joan's capital balance is $57,000 and Kim's is $46,000. Joan and Kim decided to admit a new partner to their business - Adamantine. Adamantine will contribute $30,000 cash to receive a one-third interest in the partnership Prior to admitting Adamantine, Joan and Kim hired a CPA to determine the current market values of the partnership assets. The CPA determined that the building owned by the partnership has a market value $15,000 greater than the book value shown on the financial statements. In addition, the partnership's inventory is undervalued by $2,000 in the accounting records. Joan and Kim income/loss equally. Required: a. Revalue the partnership assets; b. Determine the total equity of the partnership after the new partner is admitted: . Determine the new partner share of the total equity; Determine the bonus resulting from Adamantine's equity to her contribution; e. Make journal entry to record Adamantine's admission to the partnership. Show Your Work