Palin has $96,000 capital and Haymer has $72,000 capital in the Palin & Haymer partnership. Palin and Haymer share profits and losses equally. Jared Preston contributes cash of $56,000 to acquire a 1/4 interest in the new partnership. Requirements 1. Calculate Preston's capital in the new partnership. 2. Joumalize the partnership's receipt of the $56,000 from Preston Requirement 1. Calculate Preston's capital in the new partnership. (Leave unded cells blank. Do not enter a "t" for a zero balance.) Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to Requirement 2. Journalize the partnership's receipt of the $56,000 from Preston. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Debit Accounts and Explanation Credit Date Cash Preston, Capital To record Preston's contribution.