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I need help At April 30, partners' capital balances in Oriole Company are G, Donley $45,760, C. Lamar $42,240, and J. Pinkston $15,840. The income
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At April 30, partners' capital balances in Oriole Company are G, Donley $45,760, C. Lamar $42,240, and J. Pinkston $15,840. 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. 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 0 decimal places, eg. 5,275. (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $14,080 in cash. (2) Terrell purchases 331/3% of Lamar's ownership interest by paying Lamar $13,200 in cash. (3) Terrell invests $54,560 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $36,960 for a 30% ownership interest, which includes a bonus to the new partner. (b) Lamar's capital balance is $28,160 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 $ (2) Bonus to new partner $Step by Step Solution
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