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Can someone help me with this problem? Thank you! In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and
Can someone help me with this problem? Thank you!
In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share Income in the ratio of 6:3:1, are Mary Gene Pat $256,888 128,480 42,800 b. Prepare journal entry for the admission of Elan if she invests $81.400 for a 20 percent interest and goodwill is recorded. (If no entry Is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction Mat Journal entry worksheet . Record Elan's investment of $81,400 for a 20 percent interest. Note: Enter debits before credits. Event General Journal Debit Credit 1 81,400 Record entry Clear entry View general Journal c. Prepare journal entry for the admission of Elan if she invests $202,000 for a 20 percent interest. Total capital will be $630,000; the partners use the bonus method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations.) View transaction Mat Journal entry worksheetStep by Step Solution
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