Reference no: EM133037052
Question - Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra's capital is $190,000, Merina's capital is $152,000, and they share income in a ratio of 3:2, respectively.
Record Wayne's admission for each of the following independent situations:
-Wayne directly purchases half of Merina's investment in the partnership for $98,000.
-Wayne invests the amount needed to give him a one-third interest in the partnership's capital if no goodwill or bonus is recorded
-Wayne invests $110,000 for a 25 percent interest. Goodwill is to be recorded.
-Debra and Merina agree that some of the inventory is obsolete. The inventory account is decreased before Wayne is admitted. Wayne invests $100,000 for a 25 percent interest.
-Wayne directly purchases a 25 percent interest by paying Debra $91,000 and Merina $51,000. The land account is increased before Wayne is admitted.
-Wayne invests $78,000 for a 20 percent interest in the total capital of $420,000.
-Wayne invests $119,000 for a 20 percent interest. Goodwill is to be recorded.
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