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

Required:

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

b$.$ Prepare journal entry for the admission of Elan if she invests $$81,000$ for a $20$ percent interest and goodwill is recorded.

c$.$ Prepare journal entry for the admission of Elan if she invests $$202,000$ for a $20$ percent interest. Total capital will be $$678,000$; the

partners use the bonus method.

Complete this question by entering your answers in the tabs below.

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

Note: Do not round intermediate calculations.

Elan must invest