Use the following to answer questions The Statement of financial Position of the of the XY partnership on 31, 2018, appears below. X and Y share profits and losses in the ratio 60:40. Each of the following questions is independent of the others. Refer to the above information. Assume that Z invests $80,000 cash into the XY partnership for a one-fifth interest in partnership and profits, and the total firm capital of the XYZ partnership is $280,000. What Is the capital balance of Y after Z is admitted into the partnership? A) $119, 600 B) $112,000 C) $110,000 D) $100, 400 Refer to the above information. Assume that Z purchases a one fourth proportionate capital interest directly from X and Y for a t $60,000. What is Z's capital balance of X and Y when admitted into the partnership? a) $40,000 b) $50,000 c) $60,000 d) $70,000 In a partnership liquidation, the final cash distribution to partners is made in accordance with the a) partner's income sharing ratio b) balances of partners' capital accounts c) ratio of original investments by partners d) ratio of original investments less withdrawals by partners In a partnership liquidation, gains are made in accordance with the a) partner's income sharing ratio b) balances of partners' capital accounts c) ratio of original investments by partners d) ratio of original investments less withdrawals by partners