Hayes is admitted to the partnership of Reagan & Nedwick. Prior to her admission, the partnership books show Reagan's capital balance at $140,000 and Nedwick's at $70,000. Assume Reagan and Nedwick share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hayes pays $105,000 for Nedwick's equity. Hayes pays Nedwick directly. Begin by computing the partner's equity base for plan a. Hayes pays $105,000 for Nedwick's equity. Hayes pays Nedwick directly. (Enter a share for each partner. Complete all answer boxes. For accounts with a $0 balance, make sure to enter "0" in the appropriate cell. Enter negative amounts with a parentheses or minus sign.) Plan A Reagan Nedwick Hayes Plan A: Partnership capital before admission of Hayes $ 140,000 $ 0 70,000 (70,000) 0 70,000 Plan A: Effect on capital balance as a result of admission of Hayes Plan A: Partnership capital after admission of Hayes $ 140,000 70,000 Requirements b. Hayes contributes $70,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Complete all ar Plan B Plan B: Partnership capital before admission of Hayes Plan B: Effect on capital balance as a result of admission of Hayes Reagan Nedwick Hayes 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hayes pays $105,000 for Nedwick's equity. Hayes pays Nedwick directly. b. Hayes contributes $70,000 to acquire a 1/4 interest in the partnership. c. Hayes contributes $90,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Plan B: Partnership capital after admission of Hayes Print Done