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Charlie McBride and Ian Jordan, who have ending capital balances of $90,000 and $40,000 respectively, agree to admit two new partners to their business on May 1, 20- Paul Menendez will buy 30% of McBride's equity interest for $35,000 and 20% of Jordan's equity interest for $22,000. Alice Domski will invest $38,000 in the business for which sh will receive a $38,000 equity interest. equired: d. Prepare the journal entries showing the above transactions admitting Menendez and Domski to the partnership. b. Calculate the ending capital balances for all four partners after the above transactions. Ian Jordan Paul Menendez Charlie McBride Alice Domski 8. Yon Haggerdorf and Sue Lee, who have ending capital balances of $80,000 and $60,000, respectively, agree to admit two new partners to their business on April 1, 20-- Carlos Sanchez will buy 1/4 of Haggerdorf's equity interest for $20,000 and 1/3 of Lee's equity interest for $25,000 directly from the partners. Carmen Della will invest $30,000 in the business for which she is to receive a $30,000 equity interest. Required: Prepare general journal entries showing the above transactions admitting Sanchez and Della to the partnership. a. GENERAL JOURNAL Page 1 Date Description Post Ref. Debit Credit b. Calculate the ending capital balances for all four partners after the above transactions. Yon Haggerdorf Sue Lee Carlos Sanchez Carmen Della 9. A journal entry for the sale of $10-par common stock for $18 per share would include d. a debit to Cash. e. a debit to Common Stock. f. a debit to Treasury Stock. g. a debit to Paid-In Capital in Excess of Par - Common Stock. 10. Stocks that carry certain specified preferences, or first claims, are called a. common stock. b.treasury stock. c. preferred stock. d. participating stock

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