1. Martin, Francis, and James have been in operation for over ten years and the existing partners have the following capital balances; Martin, $80,000, Francis, $140,000, and James, $180,000. Martin plans to retire in two years. As a result, Jameson will join the partnership to learn the role of Martin. The partners decide to transfer a 20% interest to Jameson for $100,000. The cash will be contributed directly to the partners and this will be recorded by the partnership as a simple capital reclassification using the book value method. Create the journal entry for the partnership to admit Jameson. Show your work. 2. Johnston and Dune have the following capital balances of $160,000 and 130,000. After operating for five years on their own, they decide to let Smith join the partnership for $80,000 and 20% ownership. In addition, the Articles of partnership state that Johnston and Dune will split proceeds on a 70 percent (Johnston) and 30 percent (Dune) basis. The cash paid by Smith with go directly to the business. Create the journal entry using the bonus method, show your work