Reference no: EM131265777
P, L, and O are partners with capital balances of $50,000, $30,000 and $20,000 and who share in the profit and loss of the PLO partnership 30%, 20%, and 50%, respectively, when they agree to admit C for a 20% interest. Assuming C contributes directly to the partnership, answer the following questions:
Required (show all your calculations):
1. If C is to contribute an amount equal to his book value share of the new partnership, how much should C contribute?
2. C contributes $38,000 to the partnership and the bonus method is used. What amount will be credited for C's beginning capital balance?
3. If C contributes $40,000 to the partnership and the goodwill method is used, what amount will be debited for goodwill?
4. C contributes $10,000 to the partnership and the goodwill method is used. What will be the result of the goodwill calculation?
5. C contributes $12,000 to the partnership and the bonus method is used. What amount will be credited for C's beginning capital balance?
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