The January 1, 2020 condensed balance sheet for the partnership FAL Partnership Balance sheet January 1 2020 Assets Cash Other assets Aparacio, Loan 180,000 1,520,000 80,000 Liabilities & capital Accounts payable Lollar, loan Fox, capital Aparicio, capital Lollar, capital 400,000 60,000 600,000 340,000 380,000 1,780,000 1,780,000 Assume that the assets and liabilities are valued fairly in the balance sheet and the partnership decides to admit Wynn as a new partner with a one-fourth interest. Required: If Wynn contributes $400,000 for the one-fourth interest and Be sure to show your work