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The Clinton-Obama partnership has the following balance sheet on January 1, 2018 Clinton and Obama are equal partners rS. cash inventory land building 500,000 500,000
The Clinton-Obama partnership has the following balance sheet on January 1, 2018 Clinton and Obama are equal partners rS. cash inventory land building 500,000 500,000 1,000,000 1,000,000 total assets 3,000,000 note payable 1,000,000 Clinton capital Obama capital1,700,000 300,000 Trump is becoming a new partner in the firm for $2,000,000. After Trump joins the partnership all 3 will be equal partners required: make the journal entry the partnership makes when Trump joins if the partnership uses a) bonus method b) goodwill method
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