Palmer has $$98,000$ capital and Haymer has $$52,000$ capital in the Palmer & Haymer partnership. Palmer and Haymer share profits and losses equally. Joan Philip contributes cash of $$50,000$ to acquire a $\frac{1}{4}$ interest in the new partnership.

Requirements

Calculate Philip's capital in the new partnership.

Journalize the partnership's receipt of the $$50,000$ from Philip.

Requirement $1.$ Calculate Philip's capital in the new partnership. $($Leave unused cells blank. Do fiot enter a $"0"$ 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