Hutchings is admitted to the partnership of Reamey & Nam. Prior to her admission, the partnership books show Reamey's capital balance at $160,000 and Nam's at $80,000. Assume Reamey and Nam share profits and losses equally. Read the requirements C! Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hutchings pays $120,000 for Nam's equity. Hutchings pays Nam directly. Begin by computing the partner's equity base for plan a. Hutchings pays $120,000 for Nam's equity. Hutchings pays Nam directly. (Enter a share for each partner. Complete all answer boxes. For accounts with a $0 balance, make sure to enter "O" in the appropriate cell. Enter negative amounts with a parentheses or minus sign.) Plan A Reamey 160,000 $ Plan A: Partnership capital before admission of Hutchings Plan A: Effect on capital balance as a result of admission of Hutchings Nam 80,000 (80,000) Hutchings 0 80,000 $ 0 $ 160,000 0 80,000 Plan A: Partnership capital after admission of Hutchings b. Hutchings contributes $80,000 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 a $0 balance, make sure to enter "0" in the appropriate cell.) Plan B Reamey Nam Hutchings Plan B: Partnership capital before admission of Hutchings $ 160,000 80.000 0 0 0 80,000 Plan B: Effect on capital balance as a result of admission of Hutchings $ 160.000 80,000 80,000 Plan B: Partnership capital after admission of Hutchings c. Hutchings contributes $115,000 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 a $0 balance, make sure to enter "O" in the appropriate cell.) Planc Reamey Nam Hutchings Plan C: Partnership capital before admission of Hutchings $ 160,000 80,000 0 - X Plan C: Effect on capital balance as a result of admission of Hutchings Requirements Plan C: Partnership capital after admission of Hutchings 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hutchings pays $120,000 for Nam's equity. Hutchings pays Nam directly. b. Hutchings contributes $80,000 to acquire a 1/4 interest in the partnership c. Hutchings contributes $115,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Print Print Done