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QUESTION

At April 30, partners' capital balances in SKG Company are: Seger $54,800, J. Kensington $59,700, and T. Gomez $24,300. The income sharing ratios are...

At April 30, partners' capital balances in SKG Company are: S. Seger $54,800, J. Kensington $59,700, and T. Gomez $24,300. The income sharing ratios are 5:4:1, respectively. On May 1, the SKGA Company is formed by admitting D. Atchley to the firm as a partner.Journalize the admission of Atchley under each of the following independent assumptions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)1. Atchley purchases 50% of Gomez's ownership interest by paying Gomez $16,630 in cash. 2. Atchley purchases 33 1/3% of Kensington's ownership interest by paying Kensington $14,490 in cash. 3.Atchley invests $76,300 for a 30% ownership interest, and bonuses are given to the old partners. 4.Atchley invests $52,700 for a 30% ownership interest, which includes a bonus to the new partner. Kensington's capital balance is $33,280 after admitting Atchley to the partnership by investment. If Kensington's ownership interest is 20% of total partnership capital, what were (1) Atchley's cash investment and (2) the bonus to the new partner?

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