Oak and Ash are partners with capital account balances of $70,000 and $60,000 and sharing losses and gains in a 3-to-2 ratio. On October 12 Elm is to invest $50,000 and join the partnership. Give the entry for the admission of Elm under each of these unrelated assumptions: (a) Elm is to receive an equity equal to his investment. (b) Elm is to receive a one-fourth equity in the partnership