Renata Is the Sole Proprietor of a Company with the Following

Renata is the sole proprietor of a company with the following balance sheet:
$\begin{array}{lr|lr} \text { Assets } & & \text { Liabilities } & \\ \text { Cash } & \$ 100,000 & \text { Accounts payable } & 50,000 \\\text { Inventory } & 300,000 & \text { Loan payable } & \underline{100,000} \\\text { Plant and equipment, net } & 600,000 & \begin{array}{l}\text { Total liabilities } \\\text { Capital }\end{array} & \begin{array}{l}150,000 \\850,000 \\\end{array} \\\text { Total assets } & \$ \overline{1,000,000} & \text { Total liabilities and capital } & \$ 1,000,000 \\\end{array}$
The cash and inventory are carried at fair value, and plant and equipment has a fair value of $650,000.
Renata enters into a partnership with Santiago. Renata contributes her company, and the partnership assumes the company's liabilities. Santiago contributes cash of $250,000. The partners agree to share capital and profits in a 3:2 ratio.
Required
Prepare the balance sheet of the partnership at the date of formation using:
a. The bonus approach
b. The goodwill approach