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At April 3 0 , partners' capital balances in Sandhill Company are G . Donley $ 5 0 , 9 6 0 , C .
At April partners' capital balances in Sandhill Company are G Donley $ C Lamar $ and J Pinkston $ The income sharing ratios are : : respectively. On May 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 decimal places, eg
Terrell purchases of Pinkston's ownership interest by paying Pinkston $ in cash.
Terrell purchases of Lamar's ownership interest by paying Lamar $ in cash.
Terrell invests $ for a ownership interest, and bonuses are given to the old partners.
Terrell invests $ for a ownership interest, which includes a bonus to the new partner.
No Account Titles and Explanation
Debit
Credit
b
Lamar's capital balance is $ after admitting Terrell to the partnership by investment. If Lamar's ownership interest is of total partnership capital, what were Terrell's cash investment and the bonus to the new partner?
Terrell's cash investment $
Bonus to new partner
$
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