Partner Admission: Investment of New Capital The capital balances for the partnership of Liang, Tan, and Wu are as follows: The partnership profit-sharing ratio is 1:6:3. A new partner, Gao, enters the partnership by investing cash directly in the partnership. Required Prepare the journal entry to record Gao's admission to the partnership, and compute the new capital balances, in each of the following cases. a. Gao invests $60,000 for a 12 percent interest in the partnership. b. Gao invests $50,000 for a 12 percent interest in the partnership. The bonus method is used. c. Gao invests $72,000 for a 12 percent interest in the partnership. The goodwill method is used, and any revaluation is attributed to goodwill