accounting

The capital accounts of Trent Henry and Tim Chou have balances of $136,500 and $95,500, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $31 , 100 and one-fourth of Chou's interest for $19,200. Clarke contributes $71 ,200 cash to the partnership, for which she is to receive an ownership equity of $71 ,200. Required: a. On December 31, journalize the entries to record the admission of (1) Gilbert and (2) Clarke. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOWjournals will automatically indent a credit entry when a credit amount is entered. b. What are the capital balances of each partner after the admission of the new partners?