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At April $30,$ partners' capital balances in Cullumber Company are G$.$ Donley $$55,120,$ C$.$ Lamar $$50,880,$ and J$.$ Pinkston $$19,080.$ The Lamar's capital balance is $$33,920$ 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

$

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$)$

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, e$.$g$.5,275.)$

$(1)$ Terrell purchases $50\%$ of Pinkston's ownership interest by paying Pinkston $$16,960$ in cash.

$(2)$ Terrell purchases $\frac{331}{3}\%$ of Lamar's ownership interest by paying Lamar $$15,900$ in cash.

$(3)$ Terrell invests $$65,720$ for a $30\%$ ownership interest, and bonuses are given to the old partners.

$(4)$ Terrell invests $$44,520$ for a $30\%$ ownership interest, which includes a bonus to the new partner.

No$.$ Account Titles and Explanation

Debit

Credit

J$.$ Pinkston, Capltal

$]$

J$.$ Terrell, Capltal

$]$

$]$

$]$

$1$

Cash

$1$

CLamar, Capltal

PInkston, Capltal

$$

J$.$ Terrell, Capital

$$

$1|$

G$.$ Donley, Capital

C Lamar, Capltal

$\backslash$rceil$$

J$.$ PInkston, Capltal

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