Required information [The following information applies to the questions displayed below.) Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $200,000, Merina's capital is $160,000, and they share income in a ratio of 3.2, respectively. Required: Record Wayne's admission for each of the following independent situations a. Wayne directly purchases half of Merina's investment in the partnership for $100,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 400,000 Merina, Capital Wayne, Capital 400.000 Required Information {The following information applies to the questions displayed below) Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership Debra's capital is $200.000 Merino's capital is $160,000, and they share income in a ratio of 32, respectively. b. Wayne invests the amount needed to give him a one-third interest in the partnership's capital if no goodwill or bonus is recorded. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lit Journal entry worksheet Record Wayne's investment, for one-third interest; no goodwill or bonus Noter Enter debts before credits Event General Journal Debit Credit c Wayne invests $110.000 for a 25 percent interest. Goodwill is to be recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record Wayne's investment of $110,000 for a one-fourth interest; goodwill. Not Enter debits before credits General Journal Debi Credit Event 1 Record entry Clear entry View general journal d. Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted, Wayne invests $100,000 for a 25 percent interest (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B Record the write down of inventory. Note Enter debits before credits General Journal Debit Credil Event 1 Record entry Clear entry View general journal e. Wayne directly purchases a 25 percent interest by paying Debra $82,000 and Merina $59,000. The land account is increased before Wayne is admitted. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet es Record Wayne's investment of $71,000 for the one-fifth interest given that the total capital is $431,000. Note Enter debit before credits General Journal Debit Credit Event 1 Record entry Clear entry View general journal g. Wayne invests $11,000 for a 20 percent interest Goodwil is to be recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
