Saved Help Save & Exit Su Wallace and Simpson formed a partnership with Wallace contributing $90,000 and Simpson contributing $70,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. Wallace sold one-half of his partnership interest to Prince for $74,000 when his capital balance was $95,000. The partnership would record the admission of Prince into the partnership as: Multiple Choice Debit Wallace, Capital $74,000; credit Prince, Capital $74,000. Debit Wallace, Capital $47,500, credit Prince, Capital $47,500. O Debit Prince, Capital $74.000, credit Wallace, Capital $74,000 Debit Wallace, Capital $45,000 credit Prince Capital $45.000 earch 40 E