Pitt and Jolie were partners with capital account balances of $80,000 and $100,000, respectively. Clooney directly paid $32,000 to Pitt and $40,000 to Jolie for 30% of their interests in the partnership. Pitt and Jolie shared income in the ratio of 2:3. They believed that revaluation of the partnership was appropriate when a new partner was admitted.
Prepare the journal entries to record the admission of Clooney to the partnership.