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 20,000 Accrued liabilities 20,000 Inventories 40,000 Total liabilities Total assets $70,000 0,000 Accounts payable $30,000 Net assets $20,000 Partner B is contributing cash of $50,000. 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