Rex and David are in partnership sharing profits and losses equally. On 30th July 2021, Rex and David admit Marica into partnership on payment of $12 000 cash. The assets and liabilities and owners equity of Rex and David were as follows: Statement of Financial Position of Rex and David as at 30th July 2021 $ $ $ Assets Liabilities Cash at bank 4 000 Accounts payable 20 000 Accounts receivable 3 000 Less prov. for doubtful debts 500 2 500 Proprietorship Inventories 10 000 Capital Rex 37 250 Plant and Equipment 28 000 Capital - David 37 250 Land 50 000 94 500 94 500 To reflect the fair values, it was agreed to make the following adjustments on the admission of Marica Inventories to be revalued at $8 000. Provision for doubtful debts to be increased to $700. (means $700 - $500 = $200). The amount $200 will be recorded. Depreciation on plant and equipment was $5 600. Land to revalued at $70 000. Goodwill was raised from zero to $15 000. (means you will record the $15 000) Required: 1. Prepare the Capital Adjustment Account. (4 marks) 2. Capital Accounts of Rex, David, and Marica.