Use this to answer (a), (b) and (c). X, Y, and Z are partners with capital balances of $80,000, $40,000, and $40,000, respectively. Profit for the year is $30,000. Prepare the necessary journal entries to close Income Summary to the capital accounts if: a) The partners agree to divide income based on their beginning-of-year capital balances. (4 marks) b) The partners agree to divide income based on the ratio of 5:3:2, respectively. (4 marks) (c) The partnership agreement is silent as to division of income. (4 marks (d), (e) and (f) are independent scenarios. (d) Gurkirat and Hardeep allow Harkamal to join their partnership for $80,000 cash. The recorded value of the equity being purchased is $70,000. Prepare the journal entry to record the admission of Harkamal to the partnership. Assume the partners have no agreement for sharing profits and losses. (4 marks) (e) The partners of the Naveta Partnership agree to liquidate. After all liabilities of $100,000 are paid, the partnership's cash balance is $500,000, and the capital account balances are: Navita, $120,000; Ramneek, $50,000; and Kulwinder, $80,000. Prepare the final journal entry to distribute the ending cash. (4 marks) (f) The partners of the Sourav Partnership agree to liquidate. After all non-cash assets have been sold and all the liabilities are paid, the capital account balances are: Surav, $80,000; Robinpreet, $70,000; and Vishaljot, ($7,000). Vishaljot agrees to pay $7,000 in cash to settle his deficiency. Prepare the journal entries required to end the partnership