The following condensed balance sheet is presented for the partnership of Der, Egan, and Oprins, who share profits and losses in the ratio of $4$:$3$:$3,$ respectively.

Cash $ $40,000$ Accounts Payable $ $150,000$

Other Assets $710,000$ Der, Capital $260,000$

Egan, Capital $180,000$

Oprins, Capital $160,000$

Total Assets $ $750,000$ Total Liabilities and Capital $ $750,000$

Assume that the partnership decides to admit Snider as a new partner with a $25$ percent interest.

g$.$ Other assets are revalued down by $$20,000$ and a bonus of $$40,000$ is paid to Snider at the time of admission.

CREATE THE FOLLOWING JOURNAL ENTRY PLEASE:

Record the revaluation of the assets and the allocation of the loss to the partners