Question

Joey and legoria have capital balances of 50,000 and 30,000 and share income in a ratio of 3:2, respectively. Record the admission of Peter Parker for each of the following six independent situations:

Answer 1

To calculate the admission of Peter Parker, you need to calculate the share of income for Joey and Legoria and then add it to their capital balances.

Step-by-step explanation:

1. Calculate Joey's share of the total income:
   3/5 * Total Income = Joey's share
2. Calculate Legoria's share of the total income:
   2/5 * Total Income = Legoria's share
3. Add Joey's share of the income to his capital balance:
   50,000 + Joey's share = Joey's new capital balance
4. Add Legoria's share of the income to his capital balance:
   30,000 + Legoria's share = Legoria's new capital balance
5. Record Peter's capital contribution:
   Peter's capital contribution = Capital Balances of Joey and Legoria + Total Income