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At April 30, partners' capital balances in Wildhorse Company are G. Donley $63,440, C. Lame $58560 and A Pinkston $21.960. The Income sharing ratios
At April 30, partners' capital balances in Wildhorse Company are G. Donley $63,440, C. Lame $58560 and A Pinkston $21.960. The Income sharing ratios are 5:4:1 respectively. On May 1, the POLT Company is formed by admitting Terrel to the ferm as a partner (a) Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically intented when amount is entered. Do not indent manually Round arowers to decimal places, eg 3.275) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $19.520 in cash 121 (30 (4) Terrell purchases 33% of Lamar's ownership interest by paying Lamar $18.300 in cash Terrell invests $75,640 for a 30% ownership interest, and bonuses are given to the old partners Terrell invests $51.240 for a 30% ownership interest, which includes a bonus to the new partner
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