Hynes is admitted to the partnership of Rengel \& Navon. Prior to her admission, the partnership books show Rengel's capital balance at $110,000 and Navon's at $55,000. Assume Rengel and Navon 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. Hynes pays $80,000 for Navon's equity. Hynes pays Navon directly. b. Hynes contributes $55,000 to acquire a 1/4 interest in the partnership. c. Hynes 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. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hynes pays $80,000 for Navon's equity. Hynes pays Navon directly. Begin by computing the partner's equity base for plan a. Hynes pays $80,000 for Navon's equity. Hynes pays Navon 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.)