1. R and D formed a partnership on February 10, 2020. R contributed cash of $150,000, while D contributed inventory with a fair value of $120,000. Due to R's expertise in selling, D agreed that R should have 60 percent of the total capital of the partnership. R and D agreed to recognize goodwill. Give journal entries for the partnership formation

2. Luqmaan and Idris drafted a partnership agreement that lists the following assets contributed at the partnership's formation:

	Contributed by
	Luqmaan	Idris
Cash	$20,000	$30,000
Inventory	0	15,000
Building	0	40,000
Furniture & Equipment	15,000	0

The building is subject to a mortgage of $10,000, which the partnership has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly. Give journal entries.