On January 1, 2016 Schiff, Schumer, Pelosi and Trump formed a partnership called PSST Schiff...
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Accounting
On January 1, 2016 Schiff, Schumer, Pelosi and Trump formed a partnership called PSST Schiff contributed $500,000 cash Schumer contributed a building which is listed on his records as $300,000 but has a fair market value of $500,000 Pelosi contributed a patent which has a value of $500,000 Trump contributed $100,000 and of course his fame from Home Alone 2 and the Apprentice The agreement among the four partners is that their initial capital accounts would all be the same amount. REQUIRED: A) USING THE BONUS METHOD MAKE THE JOURNAL ENTRY ESTABLISHING THE PARTNERSHIP B) USING THE GOODWILL METHOD MAKE THE JOURNAL ENTRY ESTABLISHING THE PARTNERSHIP
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