Use the following information to answer the following three questions. Patel and Rao decide to form a partnership. Patet contributes $300,000 in cash. Rao contributes buildings and equipment with a fair market value of $500,000, subject to a mortgage of $150,000, which the partnership assumes. If each partner's capital account is initially set equal to net assets invested at fair market value, what is the entry to record the formation of the partnership? Partnership formation, bonus method Assume the partners specify an agreed-upon percentage in the initial partner capital, as follows: 40% to Patel, and 60% to Rao. If the bonus approach to partnership formation is used, the entry to record the formation of the partnership is: Partnership formation, goodwill method Assume the partners specify an agreed-upon percentage in the initial partner capital, as follows: 40% to Patel, and 60% to Rao. If the goodwill approach to partnership formation is used, the entry to record the formation of the partnership is