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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,
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 \\( \\$ 81,300 \\) 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 \\( \\$ 634,000 \\); 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
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