Talent, a local HR consulting firm, has total partners’ equity
of $766,000, which is made up of Hall, Capital, $603,000, and
Reynolds, Capital, $163,000. The partners share profit/(losses) in
a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is
admitted to the partnership and given a 20% interest in
equity.
Required:
Prepare the journal entry to record the admission of Morris under
each of the following unrelated assumptions, in which Morris
invests cash of:
a. $191,500
b. $233,000
c. $113,000
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