The past couple of times I posted this it was not answered properly. Please prepare the journal entries for part 1 and balance sheet for part 2. Thanks in advance!

P 16-7 Recording new partner investment and subsequent balance sheet

Required: 1. Prepare journal entries for the admission of Cat into the partnership for an investment of $160,000 assuming that assets (including any goodwill) are revalued.

2. Prepare a balance sheet for the Add, Bal, and Cat partnership on January 2, 2016, just after the admission of Cat.

P 16-7 Recording new partner investment and subsequent balance sheet The partnership of Add and Bal is adding a new partner, Cat, and its assets and equities at book value and fair value just prior to her admission to the partnership on January 1,2016 , are as follows: On January 2, 2016, Add and Bal take Cat into the partnership of Add, Bal, and Cat for a 40 percent interest in capital and profits. On January 2, 2016, Add and Bal take Cat into the partnership of Add, Bal, and Cat for a 40 percent interest in capital anc profits. Required 1. Prepare journal entries for the admission of Cat into the partnership for an investment of $160,000 assuming that assets (including any goodwill) are revalued. 2. Prepare a balance sheet for the Add, Bal, and Cat partnership on January 2, 2016, just after the admission of Cat