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Question 1 The capital accounts of Hope and Indiana have balances of $230,000 and $190,000, respectively....

Question 1 The capital accounts of Hope and Indiana have balances of $230,000 and $190,000, respectively. Clint and Casey are to be admitted to the partnership. Clint buys one-fifth of Hope’s interest for $60,000 and one-fourth of Indiana’s interest for $40,000. Casey contributes $90,000 cash to the partnership, for which he is to receive an ownership equity of $90,000. Required: a. Journalize the entries to record the admission of Clint and Casey b. What are the capital balances of each partner after the admission of the new partners

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