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Talent, a local HR consulting firm, has total parthers' equity of $780,000, which is made up of Hall, Capital, $610,000, and Reynolds, Capital, $170,000. The
Talent, a local HR consulting firm, has total parthers' equity of $780,000, which is made up of Hall, Capital, $610,000, and Reynolds, Capital, $170,000. The partners share profit(losses) in a ratio of 80% to Hall and 20% 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. $195,000 Journal entry worksheet Record the admission of Morris. Journal entry worksheet Journal entry worksheet
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