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 $10$ percent is given to each partner based

on beginning capital balances.

On January $2,2024,$ Jeffrey invests $$76,000$ cash for a $20$ percent interest in the partnership. This transaction is recorded by the goodwill method. After this

transaction, $10$ 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 $$36,000.$

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.