Question 1 (6 points) ACCT-2043 Spring 2020 xiib Marvin and Wilton are partners with capital balances as follows: Martin $250,000 and Wilson $300,000. The partners share profit and losses in a 6:4 ratio respectively. On January 1, 2020, Smythe is admitted into the partnership for a 35% ownership interest in exchange for an investment of cash into the partnership. REQUIRED Prepare the journal entry on January 1, 2020 assuming Smith invests $200,000 into the partnership. (6 marks) Format BIU - GENERAL JOURNAL ACCOUNT TITLES AND DEBIT DATE EXPLANATION CREDIT EQX