Question: HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ADD-INS GA fo A P12-4A At April 30, partners' capital balances in PDL Company are G. Donley

HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW ADD-INS GA fo A P12-4A 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. s Instructions . (A) Journalize the admission of Terrell under each of the following independent assumptions. (1) Terrell purchases 50% of Pinkston's ownership interest by paying Pinkston $16,000 in cash. (2) Terrell purchases 33.3% of Lamar's ownership interest by paying Lamar $15,000 in cash

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