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At April 30, partners? capital balances in PDL Company are: G. Donley $51,400, C. Lamar $50,100, and J. Pinkston $15,200. The income sharing ratios are
At April 30, partners? capital balances in PDL Company are: G. Donley $51,400, C. Lamar $50,100, and J. Pinkston $15,200. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT partner. Company is formed by admitting J. Terrell to the firm as 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.) (1) Terrell purchases 50% of Pinkston?s ownership interest by paying Pinkston $16,140 in cash. (2) Terrell purchases 331/3% of Lamar?s ownership interest by paying Lamar $15,450 in cash. (3) Terrell invests 563,100 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests 543,500 for a 30% ownership interest, which includes a bonus to the new partner. Lamar?s capital balance is $31,570 after admitting Terrell to the partnership by investment. If Lamar?s ownership interest is 20% of total partnership capital, what were Terrell?s cash investment and the Terrell?s cash investment $ Bonus to new partner $ bonus to the new partner
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