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AEY In Problem 2 The Statement of Financial Position of the XY partnership on December 31, 2018, appe below Cash s 60,000 Liabilities 200,000 X, Capital 60,000 90,000 110,000 Other Assets Y, Capital $260,000 Total Liabilities and Capital $260,000 Total Assets X and Y share profits and losses in the ratio 60:40. Each of the following questions is independent of the others. Prepare journal entries 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-fourth prop capital interest directly from Y for a total of $60,000 Assume Z invests $60,000 cash into the X Refer to the above information. partnership for a one-fourth interest in partnership capital and profits. b. c. Refer to the above information. Assume that Z invests $80,000 cash into partnership for a one-fifth interest in partnership capital and profits