PROBLEM 2 PARTNERSHIP ("P-Ship") ADMISSION ACCOUNTING 15 POINTS 2.1 Using the facts below, prepare the journal entry to recognize the admission of a partner C. Any investment in excess of partnership agreement percentages should be recognized under the Goodwill Method. Show calculations. EXISTING EXISTING NEW P-SHIP B TOTAL NEW PARTNER C INVESTMENT - CASH 15,000 PARTNERSHIP AGREEMENT % 10% CAPITAL ACCOUNT EXISTING 40,000 60,000 100,000 PARTNERSHIP AGREEMENT % 40% 60% 100% 2.2 Using the facts from 2.1 above, indicate below the adjusted capital account of each partner and percentage of total capital. 2.3 Using the facts from 2.1 above, indicate below the adjusted capital account of each partner assuming the existing partners decided to recognize the new partner under the Bonus Method. No journal entry is required for 2.3