The Prince Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital Robbins, Capital $ 100,00 90, eee Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after Interest of 6 percent is given to each partner based on beginning capital balances. On January 2, 2021, Jeffrey Invests $55,000 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 2021, the partnership reports a net Income of $15,000. a. Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2021. b. Prepare a schedule showing how the 2021 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 a schedule showing how the 2021 net income allocation to the partners should be determined. (Loss amounts should be indicated with a minus sign.) Prince Robbins Jeffrey Total Net income $ 15,000 Interest 0 S 15,000 Remainder to allocate Total allocation S 0 S 0 $ 15,000