PROBLEM III $(10\%)$

Chandler Harrington and Lee have a partnership where income and losses are distributed on $2$:$1$:$1$

basis. On January $1.2024$ Chandler's capital balance was $$120,000$ : Harrington's $$100,000$ and

Lee's was $$80,000.$ On January $1,2024$ Robinson contributed $$100,000$ and obtains a $30\%$ equity

stake in the "New" partnership.

REQUIRED:

prepare the journal entry for Robinson's admissionfor admission to the partnership