Mike and Sandra own a partnership and decide to admit Jason as a new partner on December 1, 2020. Mike currently has a capital balance of $165,800 and Sandra has a capital balance of $232,120. Jason will invest $450,700 into the partnership and will receive a $405,630 share of the business book value. Mike and Sandra will split any difference equally. Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Enter the credit accounts in alphabetical order, a) Calculate the new capital balance for each partner after has been added to the partnership. Mike Sandra Jason Total Capital balance before admission 165800 232120 0 397920 Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of the new partner.