Problem 4 (30 points) The Statement of Financial Position of the XY partnership on December 31, 2018, appears below. Cash $ 60,000 Liabilities $ 60,000 Other Assets 200,000 X, Capital 90,000 Y, Capital 110.000 Total Assets S260,000 Total Liabilities and Capital $260.000 X and Y share profits and losses in the ratio 60:40. Each of the following questions is independent of the others. Prepare journal entries for each of the following: Use bonus method where appropriate and show all computations. a. Refer to the above information. Assume that Z purchases a one-fourth proportionate capital interest directly from Y for a total of $60,000. (Direct purchase) b. Refer to the above information. Assume Z invests $60,000 cash into the XY partnership for a one-fourth interest in partnership capital and profits. Cum Refer to the above information. Assume that Z invests $80,000 cash into the XY partnership for a one-fifth interest in partnership capital and profits