Problem 12-04A a-b

At April 30, partners' capital balances in Wildhorse Company are G. Donley $48,400, C. Lamar $50,600, and J. Pinkston $18,200. 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.

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)Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $15,000in cash.(2)Terrell purchases 33¹/₃% of Lamar's ownership interest by paying Lamar $15,600in cash.(3)Terrell invests $63,800for a 30% ownership interest, and bonuses are given to the old partners.(4)Terrell invests $40,200for a 30% ownership interest, which includes a bonus to the new partner