Gentry,sole proprietor of a hardware business,decides to form a partnership with Noel.Gentry's accounts are as follows: 
Noel agrees to contribute $80,000 for a 20% interest.Journalize the entries to record
(a)Gentry's investment and
(b)Noel's investment.
Definitions:
Corporation Accounting
Accounting practices specific to corporations, including handling of equity, dividends, and corporate taxes.
Goodwill Recognition
The accounting process of recording the value of goodwill, which represents the intangible value acquired when a business is purchased for more than the fair value of its net identifiable assets.
Ownership Change
An event where the controlling interest in a company's shares is transferred from one party to another.
Theoretical Argument
An argument based on a theory, presenting a systematic set of ideas to explain phenomena or justify reasoning.
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