The Prince-Robbins partnership has the following capital account balances on January 1, 2021: 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. a. Prepare the joumal entry to record Jeffrey's entrance into the partnership on January 2, 2021. b. Prepare a schedule showing how the 2021 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. 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.) a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2,2021. b. Prepare a schedule showing how the 2021 net income allocation to the partners should be determined. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a schedule showing how the 2021 net income allocation to the partners should be determined. (Loss amou be indicated with a minus sign.)