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Bob and Dan decide to form a partnership. Bob contributes $20,000 cash, equipment that has a fair value of $10,000, and a building that has a fair value of $50,000. The building has a $40,000 mortgage that the partnership also assumes. Dan contributes $10,000 cash. The partners agree to be equal partners, that is, their initial capital balances should both be the same.
Required :
Problem 1: Prepare the journal entry to record the formation of this partnership using the bonus approach.
Fred Ltd owns 45% of the shares of Ginger Ltd; Does Fred Ltd control Ginger Ltd? Explain your answer, with reference to the definition of control.
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