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In the GMP partnership (to which Elan seeks admittance), the capital balances of Maty Gene and Pat who share income in the ratio of 6
In the GMP partnership (to which Elan seeks admittance), the capital balances of Maty Gene and Pat who share income in the ratio of 6 3:1, are Mary Gene Pat $247,200 123,600 41,2ee Required: a. If no goodwill or bonus is recorded, how much must Elan Invest for a one-third interest? (Do not round intermediate calculations.) Elan must invest b. Prepare journal entry for the admission of Elan if she invests $81.800 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.) View transaction list Journal entry worksheet A Record Elan's investment of $81,800 for a 20 percent interest. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general Journal c. Prepare journal entry for the admission of Elan if she invests $201.000 for a 20 percent interest. Total capital will be $613.000, 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.) View transaction list Journal entry worksheet Record Elan's investment of $201,000 for a 20% Interest given the total capital is $613,000. Note: Enter debits before credits General Journal Debit Event 1 Credit Record entry Clear entry View general journal
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