Business, 10.03.2020 01:57 Ezekielcassese
At April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and J. Pinkston $18,000. 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. 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 $16,000 in cash. (2) Terrell purchases 331/3% of Lamar’s ownership interest by paying Lamar $15,000 in cash. (3) Terrell invests $62,000 for a 30% ownership interest, and bonuses are given to the old partners. (4) Terrell invests $42,000 for a 30% ownership interest, which includes a bonus to the new partner.
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At April 30, partners’ capital balances in PDL Company are G. Donley $52,000, C. Lamar $48,000, and...
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