At April 30, partners' capital balances in Crane Company are G. Donley $42,640, C. Lamar $39,360, and J. Pinkston $14,760. 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. (a) 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 $13,120 in cash. Terrell purchases 33¹/3% of Lamar's ownership interest by paying Lamar $12,300 in cash. Terrell invests $50,840 for a 30% ownership interest, and bonuses are given to the old partners. Terrell invests $34,440 for a 30% ownership interest, which includes a bonus to the new partner. (2) (3) (4) Your answer is partially correct. No. Account Titles and Explanation 1. 2. J. Pinkston, Capital J. Terrell, Capital C. Lamar, Capital • Debit Credit

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