At April 30, partners capital balances in Crane Company are G Donley $65,520, C Lamar $60,480, and J Pinkston $22,680 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 Pinkstons ownership interest by paying Pinkston $20,160 in cash (2) Terrell purchases 33 1 3 of Lamars ownership interest by paying Lamar $18,900 in cash (3) Terrell invests $78,120 for a 30 ownership interest, and bonuses are given to the old partners (4) Terrell invests $52,920 for a 30 ownership interest, which includes a bonus to the new partner Lamars capital balance is $40,320 after admitting Terrell to the partnership by investment If Lamars ownership interest is 20 of total partnership capital, what were (1) Terrells cash investment and (2) the bonus to the new partner

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At April 30, partners capital balances in Crane Company are G. Donley $65,520, C. Lamar $60,480, and J. Pinkston $22,680. The income sharing ratios are

At April 30, partners capital balances in Crane Company are G. Donley $65,520, C. Lamar $60,480, and J. Pinkston $22,680. 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 Pinkstons ownership interest by paying Pinkston $20,160 in cash.
(2)		Terrell purchases 33¹/₃% of Lamars ownership interest by paying Lamar $18,900 in cash.
(3)		Terrell invests $78,120 for a 30% ownership interest, and bonuses are given to the old partners.
(4)		Terrell invests $52,920 for a 30% ownership interest, which includes a bonus to the new partner.

Lamars capital balance is $40,320 after admitting Terrell to the partnership by investment. If Lamars ownership interest is 20% of total partnership capital, what were (1) Terrells cash investment and (2) the bonus to the new partner?