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please complete the requirements and fill out the table Hutchings is admitted to the partnership of Rengel & Noble. Prior to her admission, the partnership
please complete the requirements and fill out the table
Hutchings is admitted to the partnership of Rengel \& Noble. Prior to her admission, the partnership books show Rengel's capital balance at $110,000 and Noble's at $55,000. Assume Rengel and Noble share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hutchings pays $110,000 for Noble's equity. Hutchings pays Noble directly. Begin by computing the partner's equity base for plan a. Hutchings pays $110,000 for Noble's equity. Hutchings pays Noble 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.) F F F F b. Hutchings contributes $55,000 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.) c. Hutchings contributes $125,000 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.) Requirements 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hutchings pays $110,000 for Noble's equity. Hutchings pays Noble directly. b. Hutchings contributes $55,000 to acquire a 1/4 interest in the partnership. c. Hutchings contributes $125,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a,b, and cStep by Step Solution
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