Peer has $$106,000$ capital and Haye has $$74,000$ capital in the Peer & Haye partnership. Peer and Haye share profits and losses equally. Todd Parker contributes cash of $$60,000$ to acquire a $\frac{1}{4}$ interest in the new partnership.

Requirements

Calculate Parker's capital in the new partnership.

Journalize the partnership's receipt of the $$60,000$ from Parker.