Jim Welch and Sam Thayer share partnership income on a 3:2 basis. They have capital balances of $560,000 and $280,000, respectively, when Bill Ryan is admitted to the partnership.   Instructions Prepare the journal entry to record the admission of Ron Ryan under each of the following assumptions: (a)   Ryan invests $320,000 for a 25% ownership interest. (b)   Ryan invests $300,000 for a 30% ownership interest.

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Instructions The capital accounts of Jamie Dexter and Max Gee have balances of $400,000 and $250,000, respectively. Darcey Lind and Loren Rothman are to be admitted to the partnership. Darcey Lind buys one-fifth of Jamie Dexter's interest for $85,000 and one-fourth of Max Gee's interest for $65,000. Loren Rothman contributes $125,000 cash to the partnership, for which she is to receive an ownership equity of $125,000. a. On December 31, journalize the entries to record the admission of (1) Darcey Lind and (2) Loren Rothman. b. What are the capital balances of each partner after the admission of the new partners?