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Question(s) / Instruction(s):

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.
(2)  What are the capital balances of each partner after the admission of the new partner?

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