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	$	273,600
Gene		136,800
Pat		45,600

Required:

a.	If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest? (Do not round intermediate calculations.)

b.	Prepare journal entry for the admission of Elan if she invests $80,500 for a 20 percent interest and goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

c.

Prepare journal entry for the admission of Elan if she invests $201,000 for a 20 percent interest. Total capital will be $657,000; the partners use the bonus method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)