Exercise 1: Tom and Joe share partnership income on a 3:2 basis, they have capital balances of $160,000 and $80,000 respectively, when vance is admitted to the partnership Required: journalize the admission of vance under each of the following conditions 1. Vance purchases one-half of Tom's equity for $90,000 and one-half of Joe's equity for $30,000 in a personal transaction 2. Vance Invests $100,000 for a 1/5 ownership interest. 3. Vance invests $60,000 for a 1/3 ownership interest