QUESTION 3 (14 marks) Lang, Morris and Chen are partners with capital balances as follows: Lang, $306,000; Morris, $102,000; and Chen, $204,000. The partners share profits and losses in a 1:2:1 ratio. LeBlanc is admitted to the partnership with a 20% equity. Required: Prepare journal entries to record the entry of LeBlanc under each of the following unrelated assumptions (Show all calculations): a. LeBlanc invests $153,000 cash. (2 marks) Date Account Titles - Debit Credit b. LeBlanc invests $108,000 cash. (4 marks) Date Account Titles Debit Credit C. LeBlanc invests $246,000 (4 marks) Date Account Titles Debit Credit d. Partnership profit for the year following LeBlanc's admission to the partnership is $300,000. Prepare the journal entry to close the Income Summary account to the partners' capital accounts. (4 marks) Date Account Titles Debit Credit