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Cash. Receivables $14,000 Accounts payable. 28,000 Accrued liabilities 56,000 Total liabilities $98,000 Net assets. $42,000 28,000 $70,000 $28,000 Inventories Total assets. LOG LOS 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 for $300,000. Partner B agrees to the sale and admission of Part- ner 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 cach report a Capital Account of $400,000. Partner 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 cach 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 S160,000 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. 25. Admission of new partner-Bonus Method Assume that Partners A and B each report a Capital Account of $500,000. Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been very profitable, Partners A and B require Partner to contribute $800,000 in cush to the partnership in return for a one-third interest. Assume that Partners A and B share profits 60% and 40%, respectively, prior to the admission of Partner C. After admission of Partner C, Partners A and B retain their relative proportion of profit allocation after granting Partner Ca 25% profit-allocation interest. Use the Bonus Method to record the journal entry on the books of the partnership to reflect the admission of Partner C. LO3 LOS LOS