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2.2176 III View Policies Show Attempt History Current Attempt in Progress At April 30, partners' capital balances in Blossom Company are G. Donley $64.480. C. Lamar $59,520, and J. Pinkston $22,320. 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. Your answer is partially correct. 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, eg. 5.275.) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $19.840 in cash. Terrell purchases 33/3% of Lamar's ownership interest by paying Lamar $18.600 in cash. Is entered. Do hot indent manually. Round answers to 0 decimal places, eg. 5,275.) (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $19,840 in cash. (2) Terrell purchases 334/3% of Lamar's ownership interest by paying Lamar $18,600 in cash. (3) Terrell invests $76,880 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $52.080 for a 30% ownership interest, which includes a bonus to the new partner. No. Account Titles and Explanation Debit Credit 11160 1. J. Pinkston, Capital 11160 J. Terrell, Capital 19838 2. C. Lamar, Capital 1. J. Pinkston, Capital 11160 J. Terrell, Capital 11160 2. C. Lamar, Capital 19838 J. Terrell, Capital 19838 Cash 76880 G. Donley, Capital 32984 J. Pinkston, Capital 16492 J. Terrell, Capital 13193.60 C. Lamar, Capital 3298.40 4. Cash C. Lamar, Capital 3298.40 4. Cash G. Donley, Capital C. Lamar, Capital J. Pinkston, Capital J. Terrell, Capital e Textbook and Media Attempts: 2 of 5 used (b). Lamar's capital balance is $39.680 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 e Textbook and Media Submit Answer Attempts: 0 of 5 used Save for Later