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FAL Partnership Balance sheet January 1 2020 Assets Cash Other assets Aparacio, Loan 180,000 1,520,000...

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FAL Partnership Balance sheet January 1 2020 Assets Cash Other assets Aparacio, Loan 180,000 1,520,000 80,000 Liabilities & capital Accounts payable 400,000 Lollar, loan 60,000 Fox, capital 600,000 Aparicio, capital 340,000 Lollar, capital 380,000 1,780,000 1,780,000 Assume that the assets and liabilities are valued fairly in the balance sheet and the partnership decides to admit Wynn as a new partner with a one-fourth interest. Required: If Wynn contributes $400,000 for the one-fourth interest and good will is to be recorded, journalize the entry(ies) to record Lollar's entry into the partnership and the recognition of goodwill. Be sure to show your work! cover page

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