Item$4$

$15$

points

eBookPrintReferencesCheck my workCheck My Work button is now enabled$2$Item $4$

Talent, a local HR consulting firm, has total partners$$ equity of $$776,000,$ which is made up of Hall, Capital, $$608,000,$ and Reynolds, Capital, $$168,000.$ The partners share profit$/($losses$)$ in a ratio of $75\%$ to Hall and $25\%$ to Reynolds. On July $1,$ Morris is admitted to the partnership and given a $20\%$ interest in equity.

Required:

Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of:

a$.$ $$194,000$