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

Prince, Capital $ $130,000$

Robbins, Capital $120,000$

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 $2,2024,$ Jeffrey invests $$73,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, $7$ percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince $(50$ percent$),$ Robbins $(30$ percent$),$ and Jeffrey $(20$ percent$).$ In $2024,$ the partnership reports a net income of $$23,000.$

Required:

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

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