Question: Adam, Bryan and Cary plan to open an advertising agency and decide to organize the endeavor as a partnership.
Adam contributes cash of $30,000, Bryan invests $20,000 in cash, and Cary invests $10,000 in cash. Bryan is accomplished singer, and Cary has extensive experience and network in this industry. Therefore, the three agreed on equal capital balances. Write the journal entry for this partnership formation under goodwill method and bonus method.
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