Question $24,$ S$12-7($similar to$)$

Part $1$ of $2$

Points: $0$ of $3$

Penn has $$83,000$ capital and Haye has $$43,000$ capital in the Penn & Haye partnership. Penn and Haye share profits and losses equally. Judy Pilard contributes cash of $$42,000$ to acquire a $\frac{1}{4}$ interest in the new partnership.

Requirements

Calculate Pillard's capital in the new partnership.

Journalize the partnership's receipt of the $$42,000$ from Pillard.

Requirement $1.$ Calculate Pillard's capital in the new partnership. $($Leave unused cells blank. Do not enter a $"0"$ for a zero balance.$)$

Partnership capital before admission of new partner

Contribution of new partner

Partnership capital after admission of new partner

Capital of new partner

Bonus to $$