Current Attempt in Progress At April 30, partners' capital balances in Crane Company are G. Donley $54,080, C. Lamar $49,920, and J. Pinkston $18,720. 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) Your answer is partially correct. 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 O decimal places, e.g. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,640 in cash. (2) Terrell purchases 331/3% of Lamar's ownership interest by paying Lamar $15,600 in cash. (3) Terrell invests $64,480 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $43,680 for a 30% ownership interest, which includes a bonus to the new partner. No. Account Titles and Explanation Debit 1. J. Pinkston, Capital J. Terrell, Capital 2. C. Lamar, Capital J. Terrell, Capital 3. Cash J. Terrell, Capital G. Donley, Capital J. Pinkston, Capital C. Lamar, Capital 4. Cash G. Donley, Capital C. Lamar, Capital J. Pinkston, Capital J. Terrell, Capital Textbook and Media 9360 16640 64480 43680 3120 2496 624 Credit 9360 16640 56160 4160 3328 832 49920 (b) Your answer is correct. Lamar's capital balance is $33,280 after admitting Terrell to the partnership by investment. If Lamar's ownership interest is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partner? (1) Terrell's cash investment $ 43680 (2) Bonus to new partner $ 41600