The partnership of Left & Right admits Center as a partner on January 1, 2016. The partnership has these balances on December 31, 2015: (Click on the icon to view the balance sheet.) Left's share of profits and losses is 70% and Right receives 30%. Read the requirements. Requirement 1. Suppose Center pays Right $28,000 to buy out Right. Left approves Center as a partner. a. Record the transfer of equity on the partnership books on January 1, 2016. (Record debits first, then credits. Select the explanation on the last line of the entry table.) Date Accounts and Explanation Jan 1. Right, Capital Loss on Disposal Cash To transfer Right's capital to Center. Calculator Ask my instructor Debit Credit 20000 8000 28000 Clear all Check answ