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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.

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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? (Do not round intermediate calculations.) b. Prepare journal entry for the admission of Elan if she invests $80,800 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.) c. Prepare journal entry for the admission of Elan if she invests $202,000 for a 20 percent interest. Total capital will be $682,000, the partners use the bonus method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Do not round intermediate calculations.) Journal entry worksheet Record Elan's investment of $202,000 for a 20% interest given the total capital is $682,000 Note: Enter debits before credits

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