Susan Murphy and John O’Sullivan are forming a partnership, Irish Leather Goods, to import from Ireland. Murphy is especially artistic and will travel to Ireland to buy the merchandise. O’Sullivan is a super salesman and has already lined up several department stores to sell the leather goods.
Requirements
1. If Murphy and O’Sullivan do not draft a written profit-sharing agreement, how will profits or losses be shared?
2. Murphy is contributing $150,000 in cash and accounts payable of $40,000. O’Sullivan is contributing a building that cost O’Sullivan $60,000. The building’s current market value is $85,000. Journalize the investment of the two partners.
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