Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $49,000 and $64,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to thepartnership at a 30% interest for a purchase price of $31,000.

a. Determine the recipient and amount of the partner bonus.
$

$12,200 (Solano)

Explanation:

Given that,

Cody Jenkins capital balance = $49,000

Lacey Tanner capital balance = $64,000

Solano is admitted to the partnership at a 30% interest for a purchase price of $31,000.

Bonus received by the Solano:

Total partners’ capital after admitting Solano:

= Cody Jenkins capital + Lacey Tanner capital + Solano capital

= $49,000 + $64,000 + $31,000

= $144,000

Valeria Solano, capital:

= Total partners’ capital after admitting Solano × Solano’s equity interest after admission

= $144,000 × 30%

= $43,200

Hence,

Bonus paid to Solano:

= Valeria Solano, capital - Contribution by Solano

= $43,200 - $31,000

= $12,200

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