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After the tangible assets have been adjusted to current market prices, the capital accounts of Harper...

After the tangible assets have been adjusted to current market prices, the capital accounts of Harper and Kahlil have balances of $60,000 and $90,000, respectively. Fay is to be admitted to the partnership, contributing $45,000 cash, for which she is to receive an ownership equity of $60,000. All partners share equally in income. Required: (1) Journalize the entry to record the admission of Fay, who is to receive a bonus of $15,000. Refer to the Chart of Accounts for exact wording of account titles. (2) What are the capital balances of each partner after the admission of the new partner?

What are the capital balances of each partner after the admission of the new partner?

Harper $
Kahlil
Fay
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