show all calculations and steps

Problem 3 (20 points) The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. Cash $ 60,000 Liabilities Other Assets 200,000 $ 60,000 90,000 110,000 $260,000 X, Capital Y, Capital Total Assets $260.000 Total Liabilities and Capital X and Y share profits and losses in the ratio 40:60. Each of the following questions is independent of the others. Prepare journal entries and compute each partner's ending capital for each of the following: Use bonus method where appropriate and show all computations. a. Refer to the above information. Assume that Z purchases a one-fifth of Y's capital interest directly from Y for a total of $30,000. (Direct purchase) b. Refer to the above information. Assume that Z invests $50,000 cash into the XY partnership for a one-fifth interest in partnership capital and profits. c. Refer to the above information. Assume that Z invests $80,000 cash into the XY partnership for a one-fourth interest in partnership capital and profits