Penn has $90,500 capital and Hammet has $68,500 capital in the Penn & Hammet partnership. Penn and Hammet share profits and losses equally Judy Pilard contributes cash of $53,000 to acquire a 1/4 interest in the new partnership. Requirements 1. Calculate Pilard's capital in the new partnership 2. Journalize the partnership's receipt of the $53,000 from Pilard.