QUESTION #3 The Howell and Parks Partnership has partner capital account balances as follows: Howell, Capital Parks, Capital $550,000 250,000 The partners share income and losses in the ratio of 60% to Howell and 40% to Parks. Instructions Prepare the journal entry on the books of the partnership to record the admission of Tyler as a new partner under the following two independent circumstances. 1. Tyler pays $350,000 to Howell and $150,000 to Parks for one-half of each of their ownership interest in a personal transaction. 2. Tyler invests $850,000 in the partnership for a one-third interest in partnership capital