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Accounting Help Please At April 30, partners' capital balances in Sheridan Company are G. Donley $59,280, C. Lamar $54,720, and J. Pinkston $20,520. The income

image text in transcribedimage text in transcribedAccounting Help Please

At April 30, partners' capital balances in Sheridan Company are G. Donley $59,280, C. Lamar $54,720, and J. Pinkston $20,520. 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. (a) 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. Round answers to 0 decimal places, e.g. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $18,240 in cash. (2) Terrell purchases 331/3% of Lamar's ownership interest by paying Lamar $17,100 in cash. (3) Terrell invests $70,680 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $47,880 for a 30% ownership interest, which includes a bonus to the new partner. Lamar's capital balance is $36,480 after admitting Terrell to the partnership by investment. If Lamar's ownership interest is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partner? (1) Terrell's cash investment $ (2) Bonus to new partner $

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