Computing initial partner investments Careem and Labeeb establish an equal partnership in both equity and profits to operate a used- furniture business under the name of C&L Furniture Careem contributes furniture inventory that cost $120,000 and has fair value of $160,000. Labeeb contributes $60,000 cash and delivery equipment that cost $80,000 and has a fair value of $60,000. Required: Assume that the initial noncash contributions of the partners are recorded at fair market value A) Compute the ending balance of each capital account under the bonus and goodwill approaches. B) Prepare the journal entries of the initial investments under both approaches.