Question 17 Not yet answered Marked out of 20.00 P Flag question Partnership Formation Max, Nat and Roberta formed a partnership to operate a dry-cleaning business. They agreed to share initial capital and subsequent income in a 5:3:2 ratio. Each partners contributions to the new venture are listed next. Max: $25,000 cash, dry-cleaning equipment worth $180,000 and the ability to keep the equipment in good operating condition Nat: $15,000 cash and extensive experience in the dry-cleaning business. Roberta: $20,000 cash and a 2-year $75,000 note, payable to the firm, with 3 percent interest on the unpaid balance. Required (a) Record the formation using the goodwill approach. General Journal Description Debit Credit Note receivable