P12-4A At April 30, partners’ capital balances in SKG Company are: S. Seger $52,000, J. Kensington $54,000, and T. Gomez $18,000.The income sharing ratios are 5:4:1, respectively. On May 1, the SKGA C

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P12-4A At April 30, partners’ capital balances in SKG Company

are: S. Seger $52,000, J. Kensington $54,000, and T. Gomez $18,000.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. Correct. 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.) Atchley purchases 50% of Gomez’s ownership interest by paying Gomez $16,000 in cash. Atchley purchases 33 1/3% of Kensington’s ownership interest by paying Kensington $15,000 in cash. Atchley invests $66,000 for a 30% ownership interest, and bonuses are given to the old partners. Atchley invests $46,000 for a 30% ownership interest, which includes a bonus to the new partner.

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