New Partner Admission, Income Allocation, and Liquidation Alliance Investments is a partnership of 18 members who jointly invest in securities as a hobby. All are equal partners. New members must invest an amount equal to the fair value of each current partner's share at the time of admittance. The partnership maintains its books on a cost basis, reporting gains and losses on security sales and not on unrealized value changes. Partners share in income, gains, and losses earned since they joined the partnership. On January 1, 2023, the partnership's balance sheet is as follows: The securities have a January 1 fair value of $130,000. While the current 18 members have been in the partnership since its inception, two new members, Lewis and Clark, are admitted to the partnership on January 1, 2023. During 2023, investment income is $6,000, received in cash. Securities costing $14,000 and with a fair value of $19,000 at the start of the year are sold for $21,000. Each of the 20 members invests an additional $800 in the partnership. Additional securities are purchased for $60,000. a. Calculate the amount each new partner contributes when joining the partnership. b. Prepare entries to record the events of 2023. Credit income and gains to the original members as a group, and to individual capital accounts for new members Lewis and Clark. c. Present the partnership's balance sheet at December 31, 2023. d. In January 2024, a major stock rally increases the value of partnership securities to $300,000. The partners vote to sell the entire portfolio and disband the partnership. Prepare the entry to record the sale of the portfolio. How much cash will Lewis, Clark, and the original members as a group receive in liquidation