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Help Talent, a local HR consulting firm, has total partners' equity of $792,000, which is made up of Hall, Capital, $616,000, and Reynolds, Capital, $176,000.
Help Talent, a local HR consulting firm, has total partners' equity of $792,000, which is made up of Hall, Capital, $616,000, and Reynolds, Capital, $176,000. 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. 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. $198.000 View transaction list a. $198,000 View transaction list Journal entry worksheet
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