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

$\backslash$table$[[$Prince$,$ Capital,$105,000],[$Robbins$,$ Capital,$95,000]]$

Prince is allocated $60$ percent of all profits and losses with the remaining $40$ percent assigned to Robbins after interest of $7$ percent is given to each partner based on beginning capital balances.

On January $2,2024,$ Jeffrey invests $$58,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, $7$ percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince $(50$ percent$),$ Robbins $(30$ percent$),$ and Jeffrey $(20$ percent$).$ In $2024,$ the partnership reports a net income of $$18,000.$

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.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.