The DEF Partnership has the following capital balances: Davis of $50,000, Ellen of $42,000, and Farmer of $18,000. They share income and loss 3:3:2. They decide to admit Garner as a new partner. a. Journalize the admission of Garner if he purchases 50% Farmer's ownership by paying Farmer $20,000 in cash. DR CR b. Journalize the admission of Garner if he purchases 1/3 of Ellen's ownership by paying Ellen $16,000 in cash. d. Garner invests 540,000 for a 40% interest and bonws is given to the new partner. Davis, Capital Ellen, Capital Farmer, Capital Investment by Garner Total Capital times 40%= Garner Capital Purchased