Mr. Heng and Mr. Seng are partners who shared profit and loss on a 3:2 basis. They wished to expand their business, so that they invited Mr. King to join with them by allowing her to invest cash of 100,000 and equipment with a fair market value of 120,000 ( net book value of equipment was 80,000) for a 1/4 interest in the firm. The details of their respective capital account follow:

Cash 240,000

Other Assets 480,000

Mr. Heng, Capital 400,000

Mr. Seng, Capital 320,000

Required:

1. Bonus to (name of partner, if any) _______

Amount of Bonus

2.Capital balances of the partners after the admission

Mr. Heng _________ Mr. Seng__________ Mr. King___________