1. After the tangible assets have been adjusted to current market prices, the capital accounts of Travis Harris and Keelyn Kidd have balances of $60,000 and $90,000, respectively. Felix Flores is to be admitted to the partnership, contributing $45,000 cash to the partnership, for which he is to receive ownership equity of $60,000. All partners share equally in income.
(a) Journalize the entry to record the admission of Flores, who is to receive a bonus of $15,000.
(b) What are the capital balances of each partner after the admission of the new partner?