Question 14 Incomplete answer Marked out of 5.00 P Flag question Admission of new partner-Goodwill Method Assume that Partners A and B each 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 C 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 C 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 B retain their relative proportion of profit allocation after granting Partner C a 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 C. Description Debit Credit Cash O O Capital Account, Partner A O Capital Account, Partner B 0 O Please answer all parts of the