The parthership of Ono \& Two admits Three as a partner on January 1,2016 The partneiship has these balances on December 31 , 2015: II TClick on the icon to vew the balance shoet) One's share of profts and losses is 60% and Two recenes 40% Read the renurements Requirement 1. Suppose Three pays Two $26,000 to buy out Two One approves Theee as a parther a. Record the transtar of ecuty on the parthershp books on January 1,2016 (Record debits frst. then credas Seloct the oxplanation on the last line of the journal entry table.)