Henry Jones contributed equipment, inventory, and $58,300 in cash to the partnership. The equipment had a book
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Henry Jones contributed equipment, inventory, and $58,300 in cash to the partnership. The equipment had a book value of $25,000 and a market value of $33,500. The inventory had a book value of $50,800, but only had a market value of $11,500 due to obsolescence. The partnership also assumed a note payable of $13,400 owed by Henry that was originally used to purchase the team.
What amount should be recorded in Henry's capital account?
Related Book For
Federal Taxation 2018 Corporations, Partnerships, Estates & Trusts
ISBN: 9780134550923
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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