Stephanie Simmons has a capital balance of $40,000; Emerson St. Mark's balance is $20,000. Edward Haskins pays $140,000 to purchase St. Mark's interest in the Simmons & St. Mark partnership. St Mark receives the full $140,000. Requirements 1. Journalize the partnership's transaction to admit Haskins to thr partnership.

2. Must Simmons accept Haskins ad a full partner? What rights does Haskins have after purchasing St Mark's interest in the partnership?