Frank Evans and Barbara Baker Have a Partnership That Splits $$\begin{array} { | l | r | } \hline \text { Evans } & \$ 60,000 \\\hline \text { Baker } & \$ 62,000 \\\hline\end{array}$$

Frank Evans and Barbara Baker have a partnership that splits profits equally and that has become very successful.They are considering admitting a new partner,Pete Zhang,for an equal share - a 1/3 interest in the new partnership.Based on the value of the partnership's success,they have negotiated an amount of $118,000,which Zhang will invest to obtain a 1/3 share.The balances in the existing partner capital accounts are: $$\begin{array} { | l | r | } \hline \text { Evans } & \$ 60,000 \\\hline \text { Baker } & \$ 62,000 \\\hline\end{array}$$
What journal entry would be made for Zhang's investment and admittance to the new partnership?

A) debit Cash $118,000; credit Zhang, Capital $118,000
B) debit Evans, Capital $59,000; debit Baker, Capital $59,000; credit Zhang, Capital $118,000
C) debit Zhang, Capital $38,000; credit Evans, Capital $18,000; credit Baker, Capital $19,000
D) debit Cash $118,000; credit Evans, Capital $19,000; credit Baker, Capital $19,000; credit Zhang, Capital $80,000