Hylands is admitted to the partnership of Reddick & Nole. Prior to her admission, the partnership books show Reddick's capital balance at $$180,000$ and Nole's at $$90,000.$ Assume Reddick and Nole share profits and losses equally.

Requirements

Compute each partner's equity on the books of the new partnership under the following plans:

a$.$ Hylands pays $$100,000$ for Nole's equity. Hylands pays Nole directly.

b$.$ Hylands contributes $$90,000$ to acquire a $\frac{1}{4}$ interest in the partnership.

c$.$ Hylands contributes $$135,000$ to acquire a $\frac{1}{4}$ interest in the partnership.

Journalize the entries for admitting the new partner under plans $a,b,$ and $c.$

$2.$c$.$ Nole, Capital $$16,875CR$