The E-Z partnership has total partners equity of 225,000 (eds share of the capital is 175,000 and Zee's share is 50,000. Ed and Zee share icome and losses in a 2:1 ratio. on may 1, they have agreed to admit a new partner, ned, who is give a 25% interest in equity.

prepare the required:

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 $75,000. c) Ned invests cash of $100,000. 2) What if instead of receiving 25% interest in equity, Zee sells Ned of his equity for $40,000? Prepare the journal entry. 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 $75,000. c) Ned invests cash of $100,000. 2) What if instead of receiving 25% interest in equity, Zee sells Ned of his equity for $40,000? Prepare the journal entry. Debit Credit Date Account Titles and Explanation PR