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	$7,500		Accounts payable	$22,500
Receivables	15,000		Accrued liabilities	15,000
Inventories	30,000		Total liabilities	$37,500
Total assets	$52,500		Net assets	$15,000

Partner B is contributing cash of $37,500. 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.