Question: Please show your works. Thank you! Problem (I.) Adding a Partner to an existing partnership: 25 points 3 partners are in ABC Partnership have capital

Please show your works. Thank you!

Problem (I.) Adding a Partner to an existing partnership: 25 points 3 partners are in "ABC Partnership" have capital balances of A=$75,000; B=$30,000; C=$45,000. John wants to be a 4th partner and to join the partnership he agrees on Jan. 1, 2021 to contribute Cash of $90,000 & Car worth $30,000 for a 20% interest in the new "ABC & John Partnership". Prepare the Jan. 1, 2021 J/E for this transaction, any bonus will be split based on the ratio of original partner's capital balances

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