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 $80,800 for a 20 percent interest and goodwill is recorded. c. 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. 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. 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 $80,800 for a 20 percent interest and goodwill is recorded. c. 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. Complete this question by entering your answers in the tabs below. Prepare journal entry for the admission of Elan if she invests $80,800 for a 20 percent interest and goodwill is recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. 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 $80,800 for a 20 percent interest and goodwill is recorded. c. 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. Complete this question by entering your answers in the tabs below. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet Record Elan's investment of $201,000 for a 20% interest given the total capital is $665,000
