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 $ $278,400$

Gene $139,200$

Pat $46,400$

Required:

If no goodwill or bonus is recorded, how much must Elan invest for a one$-$third interest?

Prepare journal entry for the admission of Elan if she invests $$80,500$ for a $20$ percent interest and goodwill is recorded.

Prepare journal entry for the admission of Elan if she invests $$201,000$ for a $20$ percent interest. Total capital will be $$665,000$; the partners use the bonus method.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 $ $278,400$

Gene $139,200$

Pat $46,400$

Required:

If no goodwill or bonus is recorded, how much must Elan invest for a one$-$third interest?

Prepare journal entry for the admission of Elan if she invests $$80,500$ for a $20$ percent interest and goodwill is recorded.

Prepare journal entry for the admission of Elan if she invests $$201,000$ for a $20$ percent interest. Total capital will be $$665,000$; the partners use the bonus method.