Prince is allocated $80$ percent of all profits and losses with the remaining $20$ percent assigned to

Robbins after interest of $10$ percent is given to each partner based on beginning capital balances.

On January $2,2024,$ Jeffrey invests $$37,000$ cash for a $20$ percent interest in the partnership. This

transaction is recorded by the goodwill method. After this transaction, $10$ percent interest is still to go

to each partner. Profits and losses will then be split as follows: Prince $(50$ percent$),$ Robbins $(30$

percent$),$ and Jeffrey $(20$ percent$).$ In $2024,$ the partnership reports a net income of $$15,000.$

a$.$ Prepare the journal entry to record Jeffrey's entrance into the partnership on January $2,2024.$

b$.$ Prepare a schedule showing how the $2024$ net income allocation to the partners should be

determined.