**Answer and Explanation:**

Before recording the journal entries first we need to do following calculations

Total amount paid is

= $32,000 + $40,000

= $72,000

And the interest ratio is 30%

So fair value of assets is

= $72,000 ÷ 30%

= $240,000

And, the current net assets is

= $80,000 + $100,000

= $180,000

So, the goodwill is

= $240,000 - $180,000

= $60,000

This amount is distributed in 2 : 3 ratio

For Jipson = $24,000

For Klark = $36,000

Now the journal entries are

1. Goodwill $60,000

To Jipson capital $24,000

To Klark capital $36,000

(being the goodwill is recorded)

2. Jipson capital ($80,000 + $24,000) × 30% $31,200

Klark capital ($100,000 + $36,000) × 30% $40,800

To Looney capital $72,000

(Being the admission of Looney is recorded)