Homework: Unit 1 Assignment #2: My Accounting Lab Question list K Question 1, EF12-19 (book/static) Part 1 of 6 HW Score: 0%, 0 of 42 points Points: 0 of 14 Save Hylands is admitted to the partnership of Reddick & Nole. Prior to her admission, the partnership books show Reddick's capital balance at $180,000 and Nole's at $90,000. Assume Reddick and Nole share profits and losses equally. Read the requirements. Question 1 Question 2 Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hylands pays $100,000 for Nole's equity. Hylands pays Nole directly. Begin by computing the partner's equity base for plan a. Hylands pays $100,000 for Nole's equity. Hylands pays Nole 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.) Question 3 Plan A Plan A: Partnership capital before admission of Hylands Plan A: Effect on capital balance as a result of admission of Hylands Plan A: Partnership capital after admission of Hylands Requirements Reddick Nole Hylands 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hylands pays $100,000 for Nole's equity. Hylands pays Nole directly. b. Hylands contributes $90,000 to acquire a 1/4 interest in the partnership. c. Hylands contributes $135,000 to acquire a 1/4 interest in the partnership. 2. Journalize the entries for admitting the new partner under plans a, b, and c. Print Done - X