The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital Robbins, Capital $ 150,000 140,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 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 $85,000 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 $24,000. 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 list Journal entry worksheet Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 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 list Journal entry worksheet Record the cash received from new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 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 Interest 0 $ 0 Remainder to allocate 0 Total allocation $ 0 $ 0 0 $ 0