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1 On January 19th 2021, The Partnership of Locks and Bagels had the following balance sheet 2 3 Cash building equipment land 50000 300000 100000

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1 On January 19th 2021, The Partnership of Locks and Bagels had the following balance sheet 2 3 Cash building equipment land 50000 300000 100000 100000 5 Lock capital Bagels capital 300000 250000 Locks and Bagels share profits and losses equally On January 20th Cream Cheese contributed $500000 to become a one-third partner in the partnership Required: a) make the journal entry the partnership makes under the Goodwill method b) make the journal entry the partnership makes under the bonus method

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