Goodwill - vs - Inside/Outside Investment


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I am attempting to record the opening balance sheet of a new LLC joint venture. Both partners will have a 50% equity position in the new venture. One partner contributed cash, in the amount of $1mil, the other contributed assets with a fair market value of $300k. My thoughts are that the opening balance sheet is as follows:

Joint venture entries:

Cash - $1,000,000
F/A - $ 300,000

PIC - Partner 1 ($1,000,000)
PIC - Partner 3 ($300,000)

Partner 1 entry:

Investment in LLC - $1,000,000
Cash ($1,000,000)

Partner 2 entry:

Investment in LLC - $1,000,000
F/A (Net Book Value - $200,000) ($200,000)
Deferred Gain ($800,000)

Does anyone agree/disagree with this treatment?
 
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