The partnership of Jack & Jill admits Joe as a partner on January 1, 2015. The partnership has these balances on that date: Jack's share of profits and losses is 60%, and Jill gets 40% Requirements (1) Suppose Joe pays Jill $30,000 to buy out Jill. Jack approves Joe as a partner. (a) Record the transfer of equity on the partnership books. (b) Prepare the partnership balance sheet immediately after Joe is admitted as a partner. (2) Suppose Joe becomes a partner by investing $31,000 cash to acquire a one fourth interest in the business. (a) Compute Joe's capital balance, and determine whether there's any bonus. If so, who gets the bonus? (b) Record Joe's investment in the business. (c) Prepare the partnership balance sheet immediately after Joe is admitted as a partner. Include the heading