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

Prince, Capital	$	60,000
Robbins, Capital		50,000

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 $31,000 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 $12,000.

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.