Exercise 11-9 Admission of a new partner L04 Tolent, a local HR consulting firm has total partners' equity of $788,000, which is made up of Hall, Capital, $614,000 and Reynolds, Capital, $174.000. 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. $197.000 View transaction list Journal entry worksheet 1 Record the admission of Morris. Not Enter debits before credit Date General Journal Debit Credit July 01 b. $244,000 View transaction list Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits. General Journal Date July 01 Debit Credit Record entry Clear entry View general journal c. $124,000 View transaction list Journal entry worksheet