C D E F G H J E. Ann Hartley, Barry Smetz, and Lynette Grasso are partners, having capitals of $100,000, $55,000, and $35,000 respectively. They share net income equally. Instructions: Prepare the entries to record each of the following individual situations for the existing partnership. (1) John Schafer is admitted to the partnership by purchasing one-fifth of the respective capital interests of the three partners. He pays $30,000 to Hartly, $15,000 to Smetz, and $10,000 to Grasso. (2) Laura Masko is admitted to the partnership for an investment of $50,000, and the parties agree to pay a bonus of $21,000 to Masko. JOURNAL DESCRIPTION DATE POST. REF. DEBIT