Please show work.

1. Rand D formed a partnership on February 10, 2020. R contributed cash of $150,000, while D contributed inventory with a fair value of $120,000. Due to R's expertise in selling, D agreed that R should have 60 percent of the total capital of the partnership. R and D agreed to recognize goodwill. Give journal entries for the partnership formation (8 points) 2. Luamaan and Idris drafted a partnership agreement that lists the following assets contributed at the partnership's formation: Cash Inventory Building Furniture & Equipment Contributed by Lugmaan Idris $20,000 $30,000 0 15,000 0 40,000 15,000 0 The building is subject to a mortgage of $10,000, which the partnership has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly. Give journal entries.? (10 points)