Given Data: 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 3 1 Required 2 Prepare the journal entry to record the admission of Morris under each of the following 3 unrelated assumptions, in which Morris invests cash of: 4 a. $240,000 5 b. $242,000 16 a. $149,000 17 19