Other assets The statement of financial position of the PJ partnership on December 31, 2008, appears below. Cash 120,000 Liabilities 120,000 400,000 P-capital 180,000 J-capital 220,000 520,000 Total Lisb. & capital $20,000 Pand share profits and losses in the ratio of 60:40. Each of the following questions is independent of the others 1. Assume Sinvests 120,000 cash into the PJ partnership for a one-fourth interest in partnership capital and profits, and the total firm capital of the PJS partnership is $520,000. What is the capital balance after S is admitted into the partnership? total asset 2. Assume that S invests 120,000 cash into the PJ part hip for a one-fifth interest in partnership capital and profits, and the total firm capital of the PJS partnership is $520,000. What is the capital balance of Jnfter S is admitted into the partnership? 3. Assume that Spurchases one-fourth proportionate capital interest directly form and J for a total of $120,000, and the total capital of the PJS partnership is $400,000. What are the capital balances of P and Jafter Sis admitted into the partnership? 4. Assume that invests $280,000 cash into the PJ partnership for a 50% interest in partnership capital and profits, and the total firm capital of the PJS partnership is $800,000. The capital balances of P, J, and S are? 5. Assume that S invests $120,000 cash into the PJ partnership for a 20% interest in partnership capital and profits, and the total firm capital of the PJS partnership is $600,000. The capital balances of P, J, and S are