Harris is admitted to the partnership of Robert and Notch. Prior to her admission, the partnership books show Roberts capital balance at $110,000 and Notchs at $55,000. assume Robert and not share profits and losses equally.

1. Compute each partner's equity on the books of the new partnership under the following plans: a. Harris pays $65,000 for Notch's equity. Harris pays Notch directly. b. Harris contributes $55,000 to acquire a 1/4 interest in the partnership. c. Harris contributes $75,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Begin by computing the partner's equity base for plan a. Harris pays $65,000 for Notch's equity. Harris pays Notch directly. (Enter a share for ea enter "o in the appropriate cell. Enter negative amounts with a parentheses or minus sign) Plan A Robert Notch Harris Partnership capital before admission of Harris Effect on capital balance as a result of admission of Harris Partnership capital after admission of Harris b. Harris contributes $55,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Comple appropriate cell.) Plan B Robert Notch Harris Partnership capital before admission of Harris Effect on capital balance as a result of admission of Harris Plan C Harris c. Harris contributes $75,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each appropriate cell.) Robert Notch Partnership capital before admission of Harris Effect on capital balance as a result of admission of Harris Partnership capital after admission of Harris Requirement 2. Journalize the entries for admitting the new partner under plans a, b, and C. (Record debits first, then credits. S a. Harris pays $65,000 for Notch's equity. Harris pays Notch directly Date Accounts and Explanation Credit Debit b. Harris contributes $55,000 to acquire a 1/4 interest in the partnership Date Accounts and Explanation Debit Credit c. Harris contributes $75,000 to acquire a 1/4 interest in the partnership. Date Accounts and Explanation Debit Credit