AB 116 WEEK 6 At April 30 partners\ capital balances in PDL Company are: G. Donley 54400, C. Lamar 50700 and J. Pinkston 21000. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner.
Your answer is correct.
Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(1)
Terrell purchases 50% of Pinkston- ownership interest by paying Pinkston $15,720 in cash.
(2)
Terrell purchases 331/3% of Lamar- ownership interest by paying Lamar $15,890 in cash.
(3)
Terrell invests $60,800 for a 30% ownership interest, and bonuses are given to the old partners.
(4)
Terrell invests $44,000 for a 30% ownership interest, which includes a bonus to the new partner.
Lamar- capital balance is $33,120 after admitting Terrell to the partnership by investment. If Lamar- ownership interest is 20% of total partnership capital, what were Terrell- cash investment and the bonus to the new partner?
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