4 E12-19 Accounting for the admission of a new partner Hylands is admitted partnership books show Reddick's capital balance at $180,000 and Nole's at $90,000 Assume Reddick and Nole share profits and losses equally Requirements 1. Compute each partner's equity on the books of the new partnership under the to the partnership of Reddick & Nole. Prior to her admission, the CR tollowing plans a. Hylands pays $100,000 for Nole's equity. Hylands pays Nole directly b. Hylands contributes $90,000 to acquire a 1/4 interest in the partnership