1. Partners X and Y have the following capital balances: X $60,000 and Y $20,000. They are going to admit Z to their partnership. Z will pay $30,000 to X and $10,000 to Y for one-fourth of their partnership equity. Prepare the journal entry for the admission of Z. Show your calculations. 2. Partners X and Y have the following capital balances: X $60,000 and Y $20,000. They are going to admit Z to their partnership where Z pays $40,000 to the partnership for a 25% interest. Using the Bonus Method prepare the journal entry for the admission of Z. Show your calculations.