4. Why is the partnership form of business organization sometimes preferred over the corporate or sole proprietorship forms? 5. In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Grace, and Pat, who share income in the ratio of 6:3:1, are Mary Grace $240,000 120,000 40,000 Pat Required: 1. If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest? 2. Prepare journal entries for the admission of Elan if she invests $80,000 for a 20 percent interest and goodwill is recorded. 3. Prepare journal entries for the admission of Elan if she invests $200,000 for a 20 percent interest Total capital will be $600,000; the partners use the bonus method