oddns Admission of new partner-Goodwill Method Assume that Partners A and Beach report a Capital Account of $500,000. Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been very profitable, Partners A and B require Partner to contribute $800,000 in cash to the partnership in return for a one-third interest. Assume that Partners A and B share profits 60% and 40%, respectively prior to the admission of Partner C. Assume that the partners believe that the payment by Partner provides evidence of a previously unrecorded intangible asset in the partnership and the partners wish to record the intangible on the post-realignment partnership balance sheet. After admission of Partner C Partners A and Bretain their relative proportion of profit allocation after granting Partner ca 25% profit-allocation interest. Use the Goodwill Method to record the journal entry on the books of the partnership to reflect the admission of Partner Description Debi Credit Cash 800.0000 Goodwill 1000000 X COOral Account Partner A 100000 Captal Accoune Partneri 0000 Capital Account Partner B00000 Check