Sam and Frodo have a partnership that splits profits equally. They are considering admitting a new partner, Pippin, for an equal one$-$third share in the new partnership. Based on the value of the partnership's business, they have negotiated an amount of $$10,000,$ which Pippin will invest to obtain one$-$third share. The balances in the existing partner capital accounts are $$40,000$ for Sam and $$70,000$ for Frodo.

Required

Prepare the journal entry for Pippin$$s investment and admittance to the new partnership.