Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000, Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: Wayne directly purchases half of Merina's investment in the partnership for $97.000. (If no entry is required for a transaction/event ielect "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of one-half of Merina's investment for $97,000 by Wayne. Note: Enter debits before credits Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000. Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: Wayne invests the amount needed to give him a one-third interest in the partnership's capital if no goodwill or bonus is recorded. entry is required for a transaction/event, select "No journal entry required" in the first account fieid.) Journal entry worksheet Record Wayne's investment, for one-third interest; no goodwill or bonus. Note: Enter debits before credis. Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000. Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively: Record Wayne's admission for each of the following independent situations: Wayne invests $110,000 for a 25 percent interest. Goodwill is to be recorded. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) Journal entry worksheet Record Wayne's investment of $110,000 for a one-fourth interest; goodwill. Note: Enter debits before credits. Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000. Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: d. Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted. Wayne invests $100,000 for a 25 percent interest. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Record the write-down of inventory. B. Record the admission of Wayne. Credit Note : P= journal entry has been entered Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000, Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: e. Wayne directly purchases a 25 percent interest by paying Debra $86,800 and Merina $64,200. The land account is increased before Wayne is admitted. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Record the revaluation of land. 8. Record the reclassification of capital for the admission of Wayne. Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the pattnership. Debra's capital is $190,000. Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: Wayne invests $75,000 for a 20 percent interest in the total capital of $417,000, (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet Record Wayne's investment of $75,000 for the one-fith interest given that the total capital is $417,000. Note: Enter sebits before credits Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000, Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively. Record Wayne's admission for each of the following independent situations: 1. Wayne invests $103.000 for a 20 percent interest. Goodwill is to be recorded. (If no entry is required for a transaction/event, ielect "No journal entry required" in the first account field.)
