Problems (28 pis) 1. Jipsom and Klark were partners with capital account balances of $80,000 and $100,000, respectively. Looney paid $32,000 to Jipsom and $40,000 to Klark for 30% of their interests in the partnership. Jipsom and Klark shared income in the ratio of 2:3. They believed that revaluation of the partnership was appropriate when a new partner was admitted. Required: Prepare the journal entries to record the admission of Looney to the partnership. (10(t)s)