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At April 30, partners' capital balances in SKG Company are: S. Seger $45,800, J. Kensington $57,300, and T. Gomez $21,600. The income sharing ratios are
At April 30, partners' capital balances in SKG Company are: S. Seger $45,800, J. Kensington $57,300, and T. Gomez $21,600. The income sharing ratios are 5:4:1, respectively. On May 1, the SKGA Company is formed by admitting D. Atchley to the firm as a partner. Kensington's capital balance is $33,860 after admitting Atchley to the partnership by investment. If Kensington's ownership interest is 20% of total partnership capital, what were (1) Atchley's cash investment and (2) the bonus to the new partner
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