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Prepare the journal entry to record the admission

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Question - Talent, a local HR consulting firm, has total partners' equity of $860,000, which is made up of Hall, Capital, $700,000, and Reynolds, Capital, $160,000. 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.

Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of:

a. $248,500

b. $392,000

c. $144,000

Reference no: EM133078394

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