Question: 3 . Able and Baker have agreed to form a partnership. Both of them already had proprietorships, and those assets were going to be combined

3 .

Able and Baker have agreed to form a partnership. Both of them already had proprietorships, and those assets were going to be combined to form the partnership. The fair value of Able and Baker's assets and liabilities are listed below.

Assuming that Able and Baker have agreed to have equal equity balances, prepare the journal entry to record the partnership using

.

The bonus method

.

The goodwill method

3 . Able and Baker have agreed to form a

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