Journalize admission of a partner

under different assumptions.

a$.1.$ Terrell $$9,000$

Terrell $$16,000$

Terrell $$54,000$

Terrell $$48,000$

$\text{'}$P$12\mathrm{.}4($LO $4),$ AP At April $30,$ partners' capital balances in PDL Company are G$.$ Donley $$52,000,$

C$.$ Lamar $$48,000,$ and J$.$ Pinkston $$18,000.$ The income sharing ratios are $5$:$4$:$1,$ respectively. On May $1,$

the PDLT Company is formed by admitting J$.$ Terrell to the firm as a partner.

Instructions

a$.$ Journalize the admission of Terrell under each of the following independent assumptions.

Terrell purchases $50\%$ of Pinkston's ownership interest by paying Pinkston $$16,000$ in cash.

Terrell purchases $33\frac{1}{3}\%$ of Lamar's ownership interest by paying Lamar $$15,000$ in cash.

Terrell invests $$62,000$ for a $30\%$ ownership interest, and bonuses are given to the old partners.

Terrell invests $$42,000$ for a $30\%$ ownership interest, which includes a bonus to the new

partner.

b$.$ Lamar's capital balance is $$32,000$ after admitting Terrell to the partnership by investment. If

Lamar's ownership interest is $20\%$ of total partnership capital, what were $(1)$ Terrell's cash invest$-$

ment and $(2)$ the bonus to the new partner?