At April $30,$ partners' capital balances in Cullumber Company are G$.$ Donley $$43,680,$ C$.$ Lamar $$40,320,$ and J$.$ Pinkston $$15,120.$ 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 $$13,440$ in cash.

$(2)$ Terrell purchases $33\frac{1}{3}\%$ of Lamar's ownership interest by paying Lamar $$12,600$ in cash.

$(3)$ Terrell invests $$52,080$ for a $30\%$ ownership interest, and bonuses are given to the old partners.

$(4)$ Terrell invests $$35,280$ for a $30\%$ ownership interest, which includes a bonus to the new partner.

No$.$ Account Titles and Explanation

Debit

Credit

eTextbook and Media

$($b$)$

Lamar's capital balance is $$26,880$ 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