The Prince-Robbins partnership has the following capital account balances on January 1, 2024: Prince, Capital Robbins,...

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The Prince-Robbins partnership has the following capital account balances on January 1, 2024: Prince, Capital Robbins, Capital $ 75,000 65,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after Interest of 6 percent is given to each partner based on beginning capital balances. On January 2, 2024, Jeffrey Invests $40,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 6 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2024, the partnership reports a net income of $10,000. Required: a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. Note: If no entry is required for a transacticin event, select No quired in the first account field. Required: a. Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction at Journal entry worksheet 2 Record the entry for goodwill allocation, during the admission of a new partner. Note Enter debits befare credits Transaction General Journal Debit Credit Record entry Cleur entry View genuent journal Required: a. Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Note: Loss amounts should be indicated with a minus sign. Prince Robbins Jeffrey Total Net income Interest 0 $ O Remainder to allocate O Total allocation $ $ 0 $ 05 0 Required A The Prince-Robbins partnership has the following capital account balances on January 1, 2024: Prince, Capital Robbins, Capital $ 75,000 65,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after Interest of 6 percent is given to each partner based on beginning capital balances. On January 2, 2024, Jeffrey Invests $40,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 6 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2024, the partnership reports a net income of $10,000. Required: a. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. Note: If no entry is required for a transacticin event, select No quired in the first account field. Required: a. Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction at Journal entry worksheet 2 Record the entry for goodwill allocation, during the admission of a new partner. Note Enter debits befare credits Transaction General Journal Debit Credit Record entry Cleur entry View genuent journal Required: a. Prepare the journal entry to record Jeffrey's entrance Into the partnership on January 2, 2024. b. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule showing how the 2024 net income allocation to the partners should be determined. Note: Loss amounts should be indicated with a minus sign. Prince Robbins Jeffrey Total Net income Interest 0 $ O Remainder to allocate O Total allocation $ $ 0 $ 05 0 Required A