1. Prepare a schedule to 2. Prepare a journal entry to distribute the partnership's income to the parl 3. Prepare the statement of partners'capital. Question (3): (10 Marks) The capital accounts of the Fax and Bel partnership on September 30, 2011, were: Fax capital (75% profit percentage) Bel capital (25% profit percentage) Total capital $140,000 $ 60,000 $200,000 On October 1, Rob admitted to a 40% interest in the partnership when he purchased 40% of each existing partner's capital for $120,000, paid directly to Fax and Bel. Required: 1. Prepare the journal entry to record the admission of partner Rob and compute the new capital balance of each partner after the admission. 2. Compute the new Profit & Loss Ratio after the admission. 3. Calculate the amount paid for each partner from Rob.