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 the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 Transaction Goodwill Prince, Capital Robbins, Capital General Journal 2 b Cash Jeffrey, Capital < Required A Required B > Debit 56,000 Credit 39,200 x 16,800 x 94,000 94,000