Please answer to this question: E 16-7 Q2 Determine the capital balance of Fax and Bel.

n October 1, Rob was admitted to a 40 percent interest in the partnership when he purchased 40 percent of each existing partner's capital for 20,000, paid directly to Fax and Bel. Required 1. Determine the capital balances of Fax, Bel, and Rob after Rob's admission to the partnership if goodwill is not recorded. 2. Determine the capital balances of Fax, Bel, and Rob after Rob's admission to the partnership if goodwill is recorded, assuming that the book value and fair value of recorded assets are equal