Good Corporation and Nevall Company formed G&W Partnership in which Good received 75 percent ownership and Nevall received 25 percent ownership. The following assets were transferred by Good and Nevall:

Required
a. Give the journal entry that Good recorded for its transfer of assets to G&W Partnership.
b. Give the journal entry that Nevall recorded for its transfer of assets to G&W Partnership.
c. Give the journal entry that G&W recorded for its receipt of assets from Good and Nevall.

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Nevall Company Cost Book Value Good Corporation Cost Book Value Cash $ 21,000 $21,000 $ 3,000 25,000 $ 3,000 4,000 15,000 100,000 Inventory Land Buildings Equipment 15,000 70,000 40,000 60,000 36,000 22,000