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The capital accounts of the Fax and Bel partnership on September 30, 201 1, were: Fax capital (75% profit percentage) $140,000 Bel capital (25% profit percentage) $ 60,000 Total capital $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