Robin,Cardinal, Jay are partners sharing profits and losses 30/30/40 respectively. Their capital balances are: Robin $17

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Robin,Cardinal, Jay are partners sharing profits and losses
30/30/40 respectively. Their capital balances are:
Robin $175,000
Cardinal $300,000
Jay $275,000
total $750,000
The old and partners agree that the assets are undervalued by
$100,000.
a. Record the adjustment to the books before the new partner is
admitted.
b. Assume sparrow invests in the partnership $250,000 and
partners agree thereafter to share profits and losses equally.
Record the entry of Sparrow using the bonus method whereby Sparrow
receives 20% interest in the firm.