A summary balance sheet for the partnership X, Y, and Z on December 31 of year is shown below. Partners XYZ allocate profit and loss in their respective ratios of 3:2:5. The partners agree to admit W for a one-tenth interest. The fair market value for partnership land is $125,000, and the fair market value of the inventory is $35,000. Required: Record the entry if W paid $150,000 to the partnership in exchange for a 10% interest. Bonus method was used