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Assume that two individuals agree to form a partnership. Partner A is contributing an operating...

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Accounting

Assume that two individuals agree to form a partnership. Partner A is contributing an operating business that reports the following balance sheet: Cash .$120,000 Accounts payable. $160,000 Receivables 160,000 Accrued liabilities 120,000 Inventories 200,000 Total liabilities $280,000 Total assets $480,000 Net assets $200,000 Partner B is contributing cash of $280,000. The partners agree that the initial capital of the partnership should be shared equally. Required: Prepare the journal entry to record the capital contributions of the partners assuming that the partners wish to employ the Bonus Method.

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