Pete is joining the partnership of Rey, Tan and Val whose capital balances and profit and loss sharing ratio are as follows: Capital Balance P/L Ratio Rey P15,000 20% Tan 20,000 40 Val 18,000 40 Refer to Problem 1: If Pete pays P4,200 for 1/4 of the interest of Tan, and the deficiency in the consideration due to overstatement of partnership assets, what entries must be made on the partnership books incidental to the admission of Pete? Determine the resulting capital balances of the partners