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The capital account balances for Longo & Chen LLP on January 1, 2019 and the...

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Accounting

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The capital account balances for Longo & Chen LLP on January 1, 2019 and the percentages income and losses shared is as follows: Longo Capital $200,000 - 15% Chen Capital $125,000 - 85% The partners agreed to admit Durak to the partnership with a 33% interest in partnership capital and net income. Durak invested $ 75,000 cash, and no goodwill was recognized. Required In order to receive credit for any of your answer you much provide all of the calculations showing how you arrived at your answer, no rounding of numbers (when applicable) is allowed; and partial credit will NOT be given for any incorrect answer. Based on the above fact pattern please answer all of the following questions: A. What is the balance in each individual partner's capital account after Durak was admitted into the partnership? B. What is the total partners capital after Durak was admitted into the partnership? C. Prepare the journal entry (entries) for the admittance of Durak into the partnership

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