In the GMP partnership, the capital balances of Mary, Gene, and Pat, who share income in the

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In the GMP partnership, the capital balances of Mary, Gene, and Pat, who share income in the ratio of $6: 3: 1$. are:

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\section*{Required}

a. If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest?

b. Prepare journal entries for the admission of Elan if she invests $\$ 80,000$ for a one-fifth interest. and goodwill is recorded.

c. Prepare journal entries for the admission of Elan if she invests $\$ 200,000$ for a 20 percent interest, and total capital will be $\$ 600,000$.

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Advanced Financial Accounting

ISBN: 9780072444124

5th Edition

Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King

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Question Posted: Jun 11, 2024 01:06 AM

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In the GMP partnership, the capital balances of Mary, Gene, and Pat, who share income in the

Question:

Mary $240,000 Gene 120.000 Pat 40.000

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Advanced Financial Accounting

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