In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene,...
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Accounting
In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share income in the ratio of 6:3:1, are Mary Gene Pat $273,600 136,800 45,600 Required a. If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest? (Do not round intermediate calculations.) Prepare journal entry for the admission of Elan if she invests $80,900 for a 20 percent interest and goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) ournal entry worksheet Record Elan's investment of $80,900 for a 20 percent interest. Note: Enter debits before credits Event Debit Credit
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