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Problem 12-04A a-b At April 30 partners capital balances in Ivanhoe Company are G. Donley $53,600. C Lama $50,000, and . Pinks on $19,400. The
Problem 12-04A a-b At April 30 partners capital balances in Ivanhoe Company are G. Donley $53,600. C Lama $50,000, and . Pinks on $19,400. The income sharing ati s are 5 4 1 espectively. On May 1, the PDLT Company is fo med by admitting Temell to the m a partner 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 0 decimal places, e.g. 5,275.) (1) (2) (3) (4) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston S 15,400 in cash. Terrell purchases 33%% of Lamar's ownership interest by paying Lamar S 15,600 in cash. Terrell invests $60,200 for a 30% ownership interest, and bonuses are given to the old partners. Terrell invests $41,400 for a 30% ownership interest, which includes a bonus to the new partner No. Account Titles and Explanation Debit Credit 2. Lamars capital balance is $38,200 after admitting Terrell to the partnership by investment. If Lamars 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 partners Click if you would like to Show Work for this question: Open Show Work
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