Problem III. Prepare the necessary journal entries to admit the new partner: (20 points) W X Y Z partnership capital balance amounts are: W=$60,000/X-$45,000/Y=$30,000/ Z=$15,000. New partner Jones has various methods to join this partnership (2 separate problems): Part a.) Jones agrees to give X his car worth $22,000 and cash in the amount of $29,000 to purchase 80% of X's capital. (10 pts.) Part b.) Jones contributes a $12,000 car, $6,000 equipment, $27,000 merchandise inventory, and cash of $5,000 for a 40% interest in the partnership. Split any bonus based on a ratio of the starting capital balances. (10 pts.)