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	$ 280,800
Gene	140,400
Pat	46,800

Required:

If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest?

Prepare journal entry for the admission of Elan if she invests $80,600 for a 20 percent interest and goodwill is recorded.

Prepare journal entry for the admission of Elan if she invests $201,000 for a 20 percent interest. Total capital will be $669,000; the partners use the bonus method.