On January 1, 2024, Lamb and Mona LLP admitted Norris to a 20% interest in net assets for an investment of $50,000 cash. Prior to the admission of Norris, Lamb and Mona had net assets of $100,000 and an income-sharing ratio of 25% to Lamb and 75% to Mona. After the admission of Norris, the partnership contract included the following provisions:

• Salary of $40,000 a year to Norris.
• Remaining net income in ratio Lamb 20%, Mona 60%, Norris 20%.
• During the fiscal year ended December 31, 2024, the partnership had income of $90,000 prior to recognition of salary to Norris.

Record the journal entry for the admission of Norris. Goodwill isnotto be recorded.