work B- Question 5, EF12-19 (similar to) Part 1 of 6 HW Score: 0%, 0 of 44 points Points: 0 of 6 Save Hutchings is admitted to the partnership of Reed & Newbell. Prior to her admission, the partnership books show Reed's capital balance at $100,000 and Newbell's at $50,000. Assume Reed and Newbell 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 $60,000 for Newbell's equity. Hutchings pays Newbell directly. Begin by computing the partner's equity base for plan a. Hutchings pays $60,000 for Newbell's equity. Hutchings pays Newbell 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.) Plan A Plan A: Partnership capital before admission of Hutchings Plan A: Effect on capital balance as a result of admission of Hutchings Plan A: Partnership capital after admission of Hutchings Reed Newbell Hutchings text pages Get more help ch Clear all Check answer 994 G 86F 653 PM 4/3/2023 21 Hutchings is admitted to the partnership of Reed & Newbell Prior to her admission, the partnership box Newbell's at $50,000. Assume Reed and Newbell 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. Hutchings pays $60,000 for Newbell's equity. Hutchings pays Newbell directly b. Hutchings contributes $50,000 to acquire a 1/4 interest in the partnership c. Hutchings contributes $120,000 to acquire a 1/4 interest in the partnership 2. Journalize the entries for admitting the new partner under plans a, b, and c es Get more help- R Print Done B M C