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	$10,000		Accounts payable	$30,000
Receivables	20,000		Accrued liabilities	20,000
Inventories	40,000		Total liabilities	$50,000
Total assets	$70,000		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.