The E-Z Partnership has total partners' equity of $150,000 (Ed's share of the capital is $80,000 and Zee's share is $70,000). Ed & Zee share profit and losses in a 3:1 ratio. On May 1, they have agreed to admit a new partner, Ned. Required: Prepare the journal entry to record the admission of Ned under each of the following unrelated assumptions 1) Ned invests cash of $40,000 into the partnership and receives a 20% interest in equity. 2) Instead of receiving 20% interest in equity, what if Zee sells Ned of his equity for $50,000? NOTE- The account names have not been indented on purpose. Select the account name to be included in the journal entry, choose whether that account is debited or credited, and finish by entering the amount. Debits still need to come before credits. When entering the $ amount, DO NOT USE "S" signs or commas. For example, enter $1,000 as 1000 or $300 as 300. IE there are decimal places, round to the nearest cent or two decimal places (hundredths) BUT only if there are decimal places, otherwise round to the nearest dollar. This will simplify things. Required 1: Ned invests cash of $40,000 into the partnership and receives a 20% interest in equity. Prepare the journal entry to record the formation of the partnership Account Titles and Explanation Debitor Credit Amount Date REQUIRED 2: Instead of receiving 20% interest in equity, what if Zee sells Ned Vs of his equity for $50,000? Date Account Titles and Explanation Debit or Credit Amount