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15 points As CruMan grows it needs additional facilities. Key executives and outside investors pool personal funds to form a real estate partnership to
15 points As CruMan grows it needs additional facilities. Key executives and outside investors pool personal funds to form a real estate partnership to purchase an existing warehouse for long-term lease to CruMan. The partners collectively contribute $200,000 of personal cash while an attorney contributes legal services in the following amounts. Partner Investor Ike President Pamela Lawyer Larry Controller Connie Contributed Form Profit/Loss $100,000 $60,000 Cash 40% Cash 24% $50,000 Legal services 20% $40,000 Cash 16% a) Record the journal entry for establishment of the partnership capital balances using the bonus method b) Record the the journal entry for establishment of the partnership capital balance using the goodwill method
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