The Prince Robbins partnership has the following capital account balances on January 1, 2021; Prince, Capital Robbins, Capital $ 80,000 70,000 Prince is allocated 70 percent of all profits and losses with the remaining 30 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances. On January 2, 2021, Jeffrey invests $43,000 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 percept) Robbins (30 percent), and Jeffrey (20 percent). In 2021, the partnership reports a net income of $12,000. 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 the journal entry to record Jeffrey's entrance into the partnership on January 2, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction to Journal entry worksheet 2 Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet