Pea has ($75,000) capital and Hahn has ($45,000) capital in the Pea & Hahn partnership. Pea and

Peña has \($75,000\) capital and Hahn has \($45,000\) capital in the Peña & Hahn partnership.
Peña and Hahn share profits and losses equally. Pierre contributes cash of \($40,000\) to acquire a 1/4 interest in the new partnership.

Requirements 

1. Calculate Pierre’s capital in the new partnership.
2. Journalize the partnership’s receipt of the \($40,000\) from Pierre.