Problem VI: The partnership of DeGrom, Syndergaard, and Peterson have respective capital balances of $130,000, $100,000, and $70,000. The firm decides to expand their partnership by deciding to admit Lugo who agrees to contribute $100,000 for a 20% equity stake. The old partners share profits and losses 2:1:1. Required: Prepare the journal entry to record Lugo's admission into the partnership