Problem 7 (4 marks) Matthew and Mark are partners with capital balances of $20,000 and $32,000, respectfully. Their partnership agreement has them allocate profits and losses on a ratio of 1:3. They agree to admit Luke to the partnership. On May 12, Luke invests $11,000 for a 30% interest in the partnership 5. Matthew and Mark are partners with capital balances of $15,000 and $30,000, respectfully. They share incomes and losses in the ratio of 25% to Matthew and 75% to Merk. They agree to admit Luke to the partnership (12 marks) Prepare the journal entry to record Luke's admission to the partnership