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21. Formation of partnership Assume that two individuals agree to form a partnership. Partner A is contributing an operating business that reports the following balance sheet: Cash... Receivables Inventories $14,000 28,000 56,000 Accounts payable.. Accrued liabilities Total liabilities $42,000 28,000 $70,000 Total assets. $98,000 Net assets. $28,000 Partner B is contributing cash of $77,000. The partners agree that the initial capital of the partnership should be shared equally. Prepare the journal entry to record the capital contributions of the partners using both the Bonus Method and the Goodwill Method. 22. Change of partners Assume that Partners A and B each report a Capital Account of $250,000. Partner A wants to retire and sell her partnership interest to Partner C for $300,000. Partner B agrees to the sale and admission of Part- ner C into the partnership at an equal ownership percentage. Record the journal entry on the books of the partnership to reflect the admission of Partner Cusing both the Bonus Method and the Goodwill Method. 23. Admission of new partner Assume that Partners A and B each report a Capital Account of $400,000. Partner C wants to join the partnership as an equal one-third partner in consideration for a combined payment to Partners A and B of $150,000. Record the journal entry on the books of the partnership to reflect the admission of Partner C. 24. Admission of new partner Assume that Partners A and B each report a Capital Account of $280,000. Partner C wants to join the partnership as an equal one-third partner in consideration for a payment to the partnership of $160,000 cash and a parcel of land valued at $90,000. Record the journal entry on the books of the partnership to reflect the admission of Partner C