The Prince-Robbins partnership has the following capital account balances on January 1, 2015: Prince, Capital Robbins, Capital $ 95,000 85,000 Prince is allocated 70 percent of all profits and losses with the remaining 30 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances. On January 2, 2015, Jeffrey invests $52,000 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%), Robbins (30%), and Jeffrey (20%). In 2015, the partnership reports a net income of $24,000. a. Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2015. (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 1 2 2 Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Cash Goodwill Journal entry worksheet 1 2 > Record the cash received from new partner. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal b. Determine the allocation of income at the end of 2015. Income Allocation Prince Robbins Jeffrey