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At April 3 0 , partners' capital balances in Carla Vista Company are G . Donley $ 4 9 , 9 2 0 , C

At April 30, partners' capital balances in Carla Vista Company are G. Donley $49,920, C. Lamar $46,080, and J. Pinkston $17,280. 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)
Your answer is partially 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. Round answers to 0 decimal places, e.g.5,275.)
(1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $15,360 in cash.
(2) Terrell purchases 3313% of Lamar's ownership interest by paying Lamar $14,400 in cash.
(3) Terrell invests $59,520 for a 30% ownership interest, and bonuses are given to the old partners.
(4) Terrell invests $40,320 for a 30% ownership interest, which includes a bonus to the new partner. Your answer is partially correct.
Lamar's capital balance is $30,720 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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