Current Attempt in Progress At April 30, partners capital balances in Carla Vista Company are G. Donley $61,360, Lamar $56.640, and J. Pinkston $21.240. The income sharing ratios are 5:4:1, respectively on May 1, the POLT Company is formed by admitting 1. 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 decimal places, e8.5,275) (1) 12) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $18,980 in cash Terrell purchases 33% of Lamar's ownership interest by paying Lamar $17,700 in cash Terrell invests $73.160 for a 30% ownership interest, and bonuses are given to the old partners Terrell invests $49.560 for a 30% ownership interest, which includes a bonus to the new partner (3) No. Account Titles and Explanation Debit Credit 1. J. Pinkston, Capital 10620 J. Terrell. Capital 10620 2. C. Lamar, Capital 18879 19879 J. Terrell, Capital 3. 73160 Cash J. Terrell, Capital TOATE G.Donley, Capital C. Lamar, Capital J. Pinkston, Capital 4. Cash G.Donley, Capital C. Lamar, Capital J. Pinkston Capital J. Terrell, Capital (b) ( Lamar's capital balance is $37,760 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 investments (2) Bonus to new partner $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit