Investment in a Partnership The Smith & Adams Partnership capital balances at 12/31/20 are as follows: - Smith, Capital $50,000 - Adams, Capital $23,000 They agreed to admit Weston into the business for a one-fifth interest in the new partnership. Weston contributes $27,000 in cash in exchange for the partnership interest. Smith and Adams shared Profits and Losses in the ration of 3:1 before admitting Weston. REQUIRED: Record the journal entry for the Admission for the admission of Weston.