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Please just do the last part not the first part since i have already done the journal entries i just need the investment balances. Problem
Please just do the last part not the first part since i have already done the journal entries i just need the investment balances.
Problem 12-4A At April 30, partners' capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and . 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. Your answer is correct. Journalize the admission of Terrell under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,000 in cash. (2) Terrell purchases 331/3% of Lamar's ownership interest by paying Lamar $15,000 in cash (3) Terrell invests $62,000 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $42,000 for a 30% ownership interest, which includes a bonus to the new partner. Your answer is incorrect. Try again. 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 investment and (2) the bonus to the new partner? (1) Terrell's cash investment (2) Bonus to new partner 54600 48000 LINK TO TEXT Question Attempts: 2 of 3 usedStep by Step Solution
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