The Prince-Robbins partnership has the following capital account balances on January 1, 2015 Prince, Capital Robbins, Capital $105,000 95,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances On January 2, 2015, Jeffrey invests $58,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 7 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50%), Robbins (30%), and Jeffrey (20%). In 2015, the partnership reports a net income of $18,000 a. Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2015. (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 2 Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal