The assets and liabilities and owner's equity of Narcon and Porter at 1 April 2019 were as set out below: Assets $ Liabilities $ Cash at bank 4 790 Account payable 246 Account Receivable 918 Inventories 10 012 Owner's equity Furniture and Fittings 7 600 Capital - Narcon 10 074 - Porter 13 000 $23 320 $23 320 At that date it was decided to admit Aslop as a partner on payment of $10 000 for an equal share of profits. It was agreed to revalue inventories to $12 000 and furniture to $7 000 on change of ownership. Narcon and Porter share profits and losses equally. Required: 1) Prepare journal entries to record this information. (5 marks) 2) Prepare the Capital Adjustment accounts. (5 marks) 3) Prepare Capital accounts for all partners. (5 marks) 4) Prepare the statement of financial position of the new partnership