Talent, a local HR consulting firm, has total partners’ equity of $798,000, which is made up of Hall, Capital, $619,000, and Reynolds, Capital, $179,000. The partners share profit/(losses) in a ratio of 80% to Hall and 20% 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. $199,500 Record the admission of morris b. $249,000 Record the admission of morris. c. $129,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Talent, a local HR consulting firm, has total partners’ equity of $798,000, which is made up of Hall, Capital, $619,000, and Reynolds, Capital, $179,000. The partners share profit/(losses) in a ratio of 80% to Hall and 20% 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. $199,500

Record the admission of morris

b. $249,000

Record the admission of morris.

c. $129,000

Record the admission of morris

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