The Prince-Robbins partnership has the following capital account balances on January 1, 2024: Prince, Capital Robbins, Capital $ 165,000 155,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances. On January 2, 2024, Jeffrey invests $94,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 9 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 $34,000. Required: a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 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 2024 net income allocation to the partners should be determined. Note: Loss amounts should be indicated with a minus sign. Net income Interest Remainder to allocate Total allocation Prince Robbins Jeffrey Total $ 34,000 $ 18,800 $ 18,000 $ 94,000 (130,800) 17,000 10,200 x 6,800 $ (96,800) (34,000) 35,800 $ 28,200 $ 100,800 $ (130,800) < Required A Required B *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.