Peter and Paul have a partnership in operation. Peters Capital balance is $$30,000$ and Pauls Capitalbalance is $$20,000.$ Mary joins the partnership by investing $$50,000$ cash in return for a $40\%$ interest in the firm.

Prepare the journal entry to record the admission of Mary to the partnership, assuming Peter and Paul split gains and losses using a $4$:$1$ ratio.$)$