Question: *** journal entry explanations not needed, but must show your work for any calculations! 1. Connie Smith and Brad Admiral have capital accounts of $50,000

*** journal entry explanations not needed, but must show your work for any calculations! 1. Connie Smith and Brad Admiral have capital accounts of $50,000 and $60,000, respectively. Michael Lee and Amanda Badeaux are to join the partnership. Lee invests $55,000 cash in the partnership for which he receives a capital credit of $55,000. Badeaux purchases a one-half interest from Smith for $30,000 and a one-fourth interest from Admiral for $15,000. (a) Prepare the journal entries to record the admission of Lee and Badeaux to the partnership. (5 marks) (b) Determine the capital balances of all 4 partners after the admission of Lee and Badeaux. (2 marks)

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