Week $3$ Assignment $3$: New Partner

Refer to Assignment $2.$ Assume that Jenny and Marco admit Elvira Ennis to the partnership in the following year. At the time that Elvira was admitted, Jenny's capital balance was $$240,000$; Marco's capital balance was $$360,000.$ Elvira pays $$80,000$ to Jenny for one$-$third of her capital interest; she pays $$120,000$ to Marco for one$-$third of his capital interest. Make the journal entry to admit Elvira as a partner.