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Problem 6 (4 marks) Matt and Sandeep are partners with capital balances of $35,000 and $45,000, respectively. Their partnership agreement has them allocate profits and

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Problem 6 (4 marks) Matt and Sandeep are partners with capital balances of $35,000 and $45,000, respectively. Their partnership agreement has them allocate profits and losses on a ratio of 1:4. They agree to admit Lorna to the partnership. On May 12, Lorna invests $40,000 for a 30% interest in the partnership. Required: Prepare the journal entry to record Lorna's admission to the partnership

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