Question: Please assist me Prob # 2 25 POINTS Tom, Jerry and Spike agree to form a Partnership Tom & Jerry & Spike Tom invests cash

Please assist me

Prob # 2 25 POINTS Tom, Jerry and Spike agree to form a Partnership Tom & Jerry & Spike Tom invests cash of 70,000 and building of $ 130,000 and land of 100,000. Jerry invests equipment of $ 280,000 and Motor Vehicle of $ 80,000. Spike invests Cash of $ 120,000 and inventory of 225,000 Required: They agree to share profit in line with their capital contribution. Record the entry for each partners a) investment (5 pts) b) They agree to share profits 1:1:1 and will use the Bonus method. Record the entry for each partners investment- bonus method (10 pts) They agree to share profits 1:1:1 and will use the Good will method . Record the entry for each partner's c) investment Goodwill to be recorded where the partner contributing the greater fair value sets the implied value of the partnership (10 pts)

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