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

Prince, Capital	$	135,000
Robbins, Capital		125,000

Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 8 percent is given to each partner based on beginning capital balances.

On January 2, 2021, Jeffrey invests $76,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 8 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 $28,000.

1. Prepare the journal entry to record Jeffreys entrance into the partnership on January 2, 2021.

2. Prepare a schedule showing how the 2021 net income allocation to the partners should be determined.

X Answer is not complete. 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 $ 12,912$ 11,408$ 6,080 28,000 (30,400) (2,400) $ 0 Remainder to allocate Total allocation 12,912 11,408 $ 6,080 S (2,400)