Wallace, Simpson, and Prince are partners and share income and losses in a 2:6:2 ratio. The partnership's capital balances are Wallace, $66,560; Simpson, $76,800; and Prince, $61,440. Royal is admitted to the partnership on July 1 with a 20% equity and invests $51,200. The partnership would record the admission of Royal into the partnership as: 16 Multiple Choice Debit Cash $41,200: debit Wallace, Capital $2.000; debit Simpson, Capital, $6,000: debit Prince, Capital $2,000: credit Royal, Capital $51,200. Debit Cash $20.480; credit Prince, Capital $20,480. Next > Mc Graw Prey 3 of 30 Hill w ty Check my work O Debit Cash $41,200; debit Wallace, Capital $2,000; debit Simpson, Capital, $6,000; debit Prince, Capital $2,000; credit Royal, Capital $51,200. Debit Cash $20,480; credit Prince, Capital $20,480. Debit Cash $51,200: credit Royal, Capital $51,200. Debit Wallace, Capital $10,240: debit Simpson, Capital, $30,720; debit Prince, Capital $10,240; credit Royal, Capital $51,200. Debit Cash $51,200, credit Next > 3 of 30