Problem 2: The capital accounts of John Smith and Bill Wilson have balances if $140,000 and $90,000 respectively. Joan Jett and Mary Faber are to be admitted to the partnership. Jett buys one-fifth of Smith's interest for $30,000 and one-fourth of Wilson's interest for $20,000. Faber contributes $75,000 cash to the partnership, for which she is to receive an ownership equity of $75,000. a) Journalize the entries to record the admission of (1) Jett and (2) Faber b) What are the capital balances of each partner after the admission of the new partners? Problem 3