Higgs is admitted to the partnership of Reano \& Noble. Prior to her admission, the partnership books show Reano's capital balance at $120,000 and Noble's at $60,000. Assume Reano and Noble share profits and losses equally. Read the requirements. Requirements 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Higgs pays $70,000 for Noble's equity. Higgs pays Noble directly. b. Higgs contributes $60,000 to acquire a 1/4 interest in the partnership. c. Higgs contributes $130,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a,b, and c. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Higgs pays $70,000 for Noble's equity. Higgs pays Noble directly. Begin by computing the partner's equity base for plan a. Higgs pays $70,000 for Noble's equity. Higgs pays Noble 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.)