BAC Partnership
Balance sheet
January 1 2020
Assets			Liabilities & capital
Cash	180,000		Accounts payable	400,000
Other assets	1,520,000		Lollar, loan	60,000
Aparacio, Loan	80,000		Fox, capital	600,000
			Aparicio, capital	340,000
			Lollar, capital	380,000
	1,780,000			1,780,000
Assume that the assets and liabilities are valued fairly in the balance sheet and the partnership decides to admit Wynn as a new partner with a one-fourth interest.
If Wynn contributes $400,000 for the one-fourth interest and good will is to be recorded, journalize the entry(ies) to record Lollar's entry into the partnership and the recognition of goodwill.