1. Crosby and Lion establish an equal partnership in both equity and profits to operate a used-furniture business under the name of C&L Furniture. Crosby contributes furniture inventory that cost $210 and has fair value of $280. Lion contributes $105 cash and delivery equipment that cost $140 and has a fair value of $105.Required : Assume that the initial noncash contributions of the partners are recorded at fair market value. Compute the ending balance of each capital account under the bonus and goodwill approaches.