Question 1 (allow about 18 minutes) (18 marks) Greg Chalmers is admitted to the partnership of Allenby and Norman in which Allenby and Norman share profits equally. Prior to his admission, the partnership books show: Robert Allenby's capital at $200,000 Greg Norman's capital at $100,000. Consider the following three plans: a) Chalmers pays $120,000 for Norman's equity. Chalmers pays Norman. b) Chalmers invests $100,000 to acquire a one-quarter share interest in the partnership. c) Chalmers invest $160,000 to acquire a one-quarter interest in the partnership. Required: (a) Calculate each partner's equity on the books of the new partnership under each of the plans above. Clearly show all calculations. (14 marks) (b) Provide the journal entries for plan (c) - Chalmers invests $160 000. Narrations / explanations are not required. Clearly show all calculations. (4 marks) Question 1 (allow about 18 minutes) (18 marks) Greg Chalmers is admitted to the partnership of Allenby and Norman in which Allenby and Norman share profits equally. Prior to his admission, the partnership books show: Robert Allenby's capital at $200,000 Greg Norman's capital at $100,000. Consider the following three plans: a) Chalmers pays $120,000 for Norman's equity. Chalmers pays Norman. b) Chalmers invests $100,000 to acquire a one-quarter share interest in the partnership. c) Chalmers invest $160,000 to acquire a one-quarter interest in the partnership. Required: (a) Calculate each partner's equity on the books of the new partnership under each of the plans above. Clearly show all calculations. (14 marks) (b) Provide the journal entries for plan (c) - Chalmers invests $160 000. Narrations / explanations are not required. Clearly show all calculations. (4 marks)