Mortin and Oscar agree to admit Trent into the partnership for a one-third inter

Mortin and Oscar agree to admit Trent into the partnership for a one-third interest. Trent invests $95000 cash and a building to be used in the business with a book value to Trent of $100000 and a fair value of $120000.REQUIRED1. Prepare a balance sheet for the Mortin Oscar and Trent partnership on January 2 2011 just after the admission of Trent assuming that the assets are revalued and goodwill is recognized.2. Prepare a balance sheet for the Mortin Oscar and Trent partnership on January 2 2011 after the admission of Trent assuming that the assets are no trevalued.