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Problem 12-04A a-b At April 30, partners' capital balances in Oriole Company are G. Donley $53,400, C. Lamar $49,600, and J. Pinkston $15,000. The income
Problem 12-04A a-b At April 30, partners' capital balances in Oriole Company are G. Donley $53,400, C. Lamar $49,600, and J. Pinkston $15,000. The income sharing ratios are 5: 4:1, respectively. On May 1, the PDLT Company is formed by admitting ). 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 o decimal places, e.g. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $15,000 in cash. (2) Terrell purchases 334/3% of Lamar's ownership interest by paying Lamar $15,200 in cash. (3) Terrell invests $63,600 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $43,200 for a 30% ownership interest, which includes a bonus to the new partner. No. Account Titles and Explanation Debit Credit 1. > 2. > >
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