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Assume that Partners A and Beach report a Capital Account of $450,000. Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been very profitable, Partners A and B require Partner C to contribute $900,000 in cash to the partnership in return for a one-third interest. Assume that Partners A and B share profits 60% and 40% respectively, prior to the admission of Partner C. After admission of Partner C, Partners A and B retain their relative proportion of profit allocation after granting Partner C a 30% profit-allocation interest. Use the Bonus Method to record the journal entry on the books of the A partnership to reflect the admission of Partner C. Debit Credit WORKSPACE Cash A, Capital NA NOTE: Partner A Capital in Part A should be answered NA. B, Capital C, Capital Compute the new Capital Accounts and the new profit-sharing ratio for Partners A, B, and C following the admission of Partner C into the B partnership. Capital P/L ratio WORKSPACE Partner A Partner B Partner C