The Prince Robbins partnership has the following capital account balances on January 1, 2021 Prince, Capital $165,000 Robbins, Capital $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, 2021, 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 2021, the partnership reports a net income of $34,000 Prepare the journal entry to record Jeffreys entrance into the partnership on January 2, 2021 Prepare a schedule showing how the 2021 net income allocation to the partners should be determined 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 ) No General Journal Credit Transaction 1 Debit 150,000 1 Goodwill Prince, Capital Robbins, Capital 90,000 X 60,000 2 2 Prince, Capital Robbins, Capital Jeffrey, Capital 51,000 X 43,000 94,000 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 $ 34,000 Interest IS 12,420 XS 12,420 x $ 12,420 X (37,260) $ (3,260) Remainder to allocate (1 630) X 3,260 Total allocation $ 10,790 S 11,442 $ 11,768 $ 0 (978) X (652) X

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The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital $165,000 Robbins, Capital $155,000 Prince is allocated 60 percent of

The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince, Capital $165,000

Robbins, Capital $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, 2021, 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 2021, the partnership reports a net income of $34,000.

Prepare the journal entry to record Jeffreys entrance into the partnership on January 2, 2021.
Prepare a schedule showing how the 2021 net income allocation to the partners should be determined.

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.) No General Journal Credit Transaction 1 Debit 150,000 1 Goodwill Prince, Capital Robbins, Capital 90,000 X 60,000 2 2 Prince, Capital Robbins, Capital Jeffrey, Capital 51,000 X 43,000 94,000 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 $ 34,000 Interest IS 12,420 XS 12,420 x $ 12,420 X (37,260) $ (3,260) Remainder to allocate (1.630) X 3,260 Total allocation $ 10,790 S 11,442 $ 11,768 $ 0 (978) X (652) X