K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital...
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis.
They have capital balances of $28,200, $24,200, and $19,500,
respectively, when Don Jernigan is admitted to the
partnership.
Prepare the journal entry to record the admission of Don Jernigan
under each of the following assumptions. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
| a. | Purchase of 50% of Kolmer’s equity for $19,500. | |
| b. | Purchase of 50% of Eidman’s equity for $6,600. | |
| c. | Purchase of 331/3% of Ryno’s equity for $12,000. |
Homework Answers
| A | Kolmer capital | 14,100 | |
| Don Jernigan capital | 14,100 | ||
| (28,200*50%) | |||
| B | Eidman capital | 12,100 | |
| Don Jernigan capital | 12,100 | ||
| (24,200*50%) | |||
| C | Ryno capital | 6500 | |
| Don Jernigan capital (19500/3) | 6500 |
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K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis.
They have capital...
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under each of the following assumptions.
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