Answer each of the following independent questions. a. Karl and Eli agree to form a partnership. Although the two partners make different contributions, they agree that they will equally share the initial partnership capital. Eli contributes $300,000 of cash and Karl contributes his already operating business that has the following balance sheet at the date the partnership is formed 180,000 Cash 60,000 Accounts Payable 120,000 Receivables 120,000 Accrued Liabilities inventories 240,000 $420,000 $300,000 Total Assets Total Liabilities Using the bonus method, prepare the partnership's journal entry to record the contributions of capital when the partnership is formed. b. Karl and Eli are the two partners in the KarEl Partnership, and each has a Capital Account balance of $1,800,000. Profits are shared 60% to Karl and 40% to Eli. Ryan wants to join the partnership as an equal (i.e., one third) partner. The partnership is quite profitable, so Karl, Eli, and Ryan agree that a one third interest in the partnership has a value of $3.6 million and Ryan pays this amount to the partnership. After admitting Ryan as a partner, Karl and Eli retain their relative proportion of profit allocation after granting Ryan a 30% profit allocation percentage. Using the Bonus Method, prepare the partnership's journal entry to record the admission of Ryan as a partner