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Question - On January 1, 2014, Jackson and Kendall formed a partnership. Jackson, who has many years of experience in this line of business, contributed $100,000 in cash. Kendall contributed assets that have the following book values and fair market values:
Book Value
Market Value
Merchandise
$15,000
$25,000
Building
40,000
150,000
Equipment
60,000
85,000
The partnership assumed a mortgage of $40,000 on the Building.
Prepare the entry to record the formation of the partnership, under the following methods:
a. Capital accounts are set to equal net assets invested
b. The partners have equal interest in the initial total partnership capital, and the bonus method is used.
c. The partners have equal interest in the initial total partnership capital, and the goodwill method is used.
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