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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 $81,500 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 $650,000; 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. Prepare journal entry for the admission of Elan if she invests $81,500 for a 20 percent interest and goodwill is recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet Record Elan's investment of $81,500 for a 20 percent interest. Note: Enter debits before credits. Journal entry worksheet Record Elan's investment of $202,000 for a 20% interest given the total capital is $650,000. Note: Enter debits before credits
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