Glover Corporation entered into an agreement with Renfro Company to establish G&R partnership. Glover agreed to transfer the following assets to G&R for 90 Percent ownership, and Renfro agreed to transfer $50,000 cash to the partnership for 10 percent ownership.

a. Give the journal entry that Glover recorded at the time of its transfer of assets to G&R
b. Give the journal entry that Renfro recorded at the time of its transfer of cash to G&R.
c. Give the Journal entry that G&R recorded upon the receipt of assets from Glover andRenfro.

Transcribed Image Text:

Cost 10,000 19,000 35,000 16,000 260,000 210,000 Book Value 10,000 19,000 35,000 16,000 200,000 170,000 Cash Accounts Receivable Inventorv an Buildings Equipment