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

Prince is allocated $80$ percent of all profits and losses with the remaining $20$ percent assigned to Robbins after interest of $10$ percent is given

to each partner based on beginning capital balances.

On January $2,2024,$ Jeffrey invests $$79,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the goodwill

method. After this transaction, $9$ 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 $$29,000.$

Required:

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

Record the entries in this order:

Record the entry for goodwill allocation, during the admission of a new partner.

Record the cash received from new partner.

b$.$ Prepare a schedule to show capital accounts following the new investment.