Question
Appendix I: Balance sheet of Amero and Bo at December 31, 2020 Amero and Bo Partnership Balance Sheet As at December 31, 2020 Assets Cash
Appendix I: Balance sheet of Amero and Bo at December 31, 2020 Amero and Bo Partnership Balance Sheet As at December 31, 2020 Assets
Cash $ 5,000
Accounts receivable 28,000
Inventory 47,000
Prepaid expenses 12,500
Property, plant, and equipment (net) 174,500
Total $267,000
Liabilities and capital Accounts payable and accrued liabilities $ 61,500
Loan payable 109,500 $171,000
Capital Amero 48,000
Capital Bo 48,000
Total $267,000
Appendix II: Excerpts from the new partnership agreement between Amero, Bo, and Cliff Excerpts from the new partnership agreement between Amero, Bo, and Cliff
Cliff contributed $60,000 cash on January 1, 2021, for a one-third interest in the partnership.
Amero, Bo, and Cliff will share all profits and losses of the partnership equally( 0ne -third each )
PREPARE THE JOURNAL ENTRY REGARDING ADIMMISION OF NEW PARTNER USING GOODWILL METHOD.
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