The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince, Capital Robbins, Capital $115,000 105,000 Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 9 percent is given to each partner based on beginning capital balances. On January 2, 2018, Jeffrey invests $64,000 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 2018, 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, 2018. b. Determine the allocation of income at the end of 2018. Complete this question by entering your answers in the tabs below. Required A Required B Determine the allocation of income at the end of 2018. Income Allocation Prince Robbins Jeffrey The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) Phil (20%) Ernie (40%) $ 65,000 35,000 50,000 Each of the following questions should be viewed independently. a. If Sergio invests $70,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $60,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $72,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $72,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)