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What were the bonus to the new partners

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Question: At April 30, partners' capital balances in Ivanhoe Company are G. Donley $53,600, C. Lamar $50,000, and J. Pinkston $19,400. 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.

Lamar's capital balance is $38,200 after admitting Terrell to the partnership by investment. If Lamar's ownership is 20% of total partnership capital, what were (1) Terrell's cash investment and (2) the bonus to the new partners?

(1) Terrell's Cash Investment

(2) Bonus to new partner

Reference no: EM132756173

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