Unit 6 Assignment Q.9

Data and Q.a

b

At April 30. partners capital balances in Cullumber Company are G Donley 566,560. C Lamar 561440, and J. Pinkston $23.040. The income sharing ratios are 5:41 respectively. On May 1 the POLT Company is formed by admitting J. Terrell to the firm as a partner la) 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 decimal places, es 5,275) 111) (2) Terrell purchase 50% of Pinkston's ownership interest by paying Pinkston $20.480 in cash Terrell purchases 33/9% of Lamar's ownership interest by paying Lamar $19.200 in cash Terrell invests $79,360 for a 30% ownership interest, and bonuses are given to the old partners Terrell invests $53,760 for a 30% ownership interest, which includes a bonus to the new partner. (3) No. Account Titles and Explanation Debit Credit 1. 2. 3. > e Textbook and Media Severor Later Attempts:O of Sused St. Ante Lamar's capital balance is $40.960 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 S eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Anduer