View Policies Current Attempt in Progress At April 30, partners' capital balances in Ivanhoe Company are G. Donley $44,720, C. Lamar $41,280, and J. Pinkston $15,480. 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. (a) 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 $13,760 in cash.

Terrell purchases 33/3% of Lamar's ownership interest by paying Lamar $12,900 in cash. (2) (3) Terrell invests $53,320 for a 30% ownership interest, and bonuses are given to the old partners. Terrell invests $36,120 for a 30% ownership interest, which includes a bonus to the new partner. (4) No. Account Titles and Explanation 1. 2. 3. Debit Credit

At April 30, partners' capital balances in Ivanhoe Company are G. Donley $44,720, C. Lamar $41,280, and J. Pinkston $15,480. 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. (a) 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 $13,760 in cash. (2) Terrell purchases 3331% of Lamar's ownership interest by paying Lamar $12,900 in cash. (3) Terrell invests $53,320 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $36,120 for a 30% ownership interest, which includes a bonus to the new partner. No. Account Titles and Explanation 1. 2. 3. 4. Debit Credit Lamar's capital balance is $27,520 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 eTextbook and Media Save for Later Attempts: 0 of 5 used