The capital accounts of Trent Henry and Tim Chou have balances of $148,600 and $84,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henrys interest for $28,800 and one-fourth of Chous interest for $21,200. Clarke contributes $76,300 cash to the partnership, for which she is to receive an ownership equity of $76,300. Required:

a. On December 31, journalize the entries to record the admission of (1) Gilbert and (2) Clarke. Refer to the chart of accounts for the exact wording of the account titles.

b. What are the capital balances of each partner after the admission of the new partners?