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Prepare the journal entry to record the admission of morris

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Talent, a local HR consulting firm, has total partners' equity of $954,000, which is made up of Hall, Capital, $748,000, and Reynolds, Capital, $206,000. 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

Question 1: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of :

a. $238,500

b. $292,000

c. $144,000

Reference no: EM132497367

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