Wallace, Simpson, and Prince are partners and share income and losses in a 3:43 ratio. The partnership's capital balances are Wallace, $79.820: Simpson, $92,100; and Prince, $73,680. Royal is admitted to the partnership on July 1 with a 20% equity and invests $61,400. The partnership would record the admission of Royal into the partnership as: Print Multiple Choice O Debit Wallace, Capital $18.420; debit Simpson Capital, $24.560, debit Prince, Capital $18,420; credit Royal, Capital $61,400. h Debit Cash $24,560, credit Prince. Capital $24.560 Debit Cash $51,400; debit Wallace, Capital $3,000; debit Simpson, Capital, $4,000; debit Prince, Capital $3,000; credit Royal, Capital $61,400 Debit Cash $61.400; credit Royal, Capital $61,400. Debit Cash $61,400: credit Simpson, Capital $12,280. credit Royal, Capital $49,120