The Prince$-$Robbins partnership has the following capital accont balances on January $1,2021$:

Prince, Capital Robbins, Capital

$$130,000$

$120,000$

Prince is allocated $80$ percent of all profits and losses with the remaining $20$ percent assigned to Robbins after interest of $7$ percent is given to each partner based on beginning capital balances.

On January $2,2021,$ Jeffrey invests $$73,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, $7$ percent interest is still to go to each partner. Profits and losses will then be split as follows:

Prince $(50$ percent$),$ Robbins $(30$ percent$),$ and Jeffrey $(20$ percent$).$ In $2021,$ the partnership reports a net income of $$23,000.$

a$.$ Prepare the journal entry to record Jeffrey's entrance into the partnership on January $2,2021.$

b$.$ Prepare a schedule showing how the $2021$ net income allocation to the partners should be determined.