The Prince$-$Robbins partnership has the following capital account balances on January $1,2024$ :

Prince is allocated $60$ percent of all profits and losses with the remaining $40$ percent assigned to Robbins after interest of $6$ percent is

given to each partner based on beginning capital balances.

On January $2,2024,$ Jeffrey invests $$85,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the

goodwill method. After this transaction, $6$ 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 $2024,$ the partnership reports a net income of $$24,000.$

Required:

a$.$ Prepare the journal entry to record Jeffrey's entrance into the partnership on January $2,2024.$

b$.$ Prepare a schedule showing how the $2024$ net income allocation to the partners should be determined.