The E-Z Partnership has total partners' equity of $150,000 (Ed's share of the capital is $100,000 and Zee's share is $50,000). Ed & Zee share income and losses in a 2:1 ratio. On May 1, they have agreed to admit a new partner, Ned, who is given a 20% interest in equity. Required: 1) Prepare the journal entry to record the admission of Ned under each of the following unrelated assumptions: a) Ned invests cash of $50,000. b) Ned invests cash of $37,500. c) Ned invests cash of $100,000. 2) What if instead of receiving 20% interest in equity, Zee sells Ned 12 of his equity for $40,000? Prepare the journal entry