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The Prince-Robbins partnership has the following capital account balances on January 1, 2021: Prince is allocated 70 percent of all profits and losses with the remaining 30 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances. On January 2, 2021, Jeffrey invests $88,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 7 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 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. Journal entry worksheet Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2,2021 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the cash received from new partner. Note: Enter debits before credits

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