Hollis is admitted to the partnership of Rivel and Nobles. Prior to her admission, the partnership books shows Rivels capital balance at $190,000 and Nobles at $95,000. Assume Rivel and Noble share profits and losses equally.

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1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hollis pays $140,000 for Noble's equity. Hollis pays Noble directly. b. Hollis contributes $95,000 to acquire a 1/4 interest in the partnership c. Hollis contributes $150,000 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. Holis pays $140,000 for Noble's equity. Hollis pays Noble directly Begin by computing the partner's equity base for plan a. Hollis pays $140,000 for Noble's equity. Hollis pays Noble directly (Enter a share for each partner Complete all answer boxes enter "o" in the appropriate coll. Enter negative amounts with a parentheses or minus sign) Plan A Rivel Noble Hollis Partnership capital before admission of Hollis Effect on capital balance as a result of admission of Hollis Partnership capital after admission of Hollis b. Hollis contributes $95,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity (Enter a share for each partner Complete all answer boxes. For accounts with appropriate cell.) Plan B Rivel Noble Hollis Partnership capital before admission of Hollis Effect on capital balance as a result of admission of Hollis Hollis c. Hollis contributes $150,000 to acquire a 1/4 interest in the partnership. Compute each partner's equity. (Enter a share for each partner. Com appropriate cell.) Plan C Rivel Noble Partnership capital before admission of Hollis Effect on capital balance as a result of admission of Hollis Partnership capital after admission of Hollis Requirement 2. Journalize the entries for admitting the new partner under plans a, b, and c. (Record debits first, then credits. Select the explar a. Hollis pays $140,000 for Noble's equity. Hollis pays Noble directly Accounts and Explanation Credit Date Debit b. Hollis contributes $95,000 to acquire a 1/4 interest in the partnership Date Accounts and Explanation Debit Credit c. Hollis contributes $150,000 to acquire a 1/4 interest in the partnership Debit Accounts and Explanation Date Credit hinnalind then continue to the next