What is the ending balance in Peach's capital account after the initial contribution? Kiwi King and Peach
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Kiwi King and Peach the dynamic duo of fruit royalty, decide to venture into the world of quirky partnerships and open up a unique establishment called "The Fruity Throne Café." They form "the Fruity Throne Café is established as a general partnership on January 1, 2025. They agree to divide all profits and losses equally and work together to create a partnership agreement. Peach Queen contributes $50,000 cash to the partnership. In addition, because she is so queenly, she contributes the following additional assets to the partnership as well: • Building - Fair (market) value on the date of the transfer - $111533, Net book value on Peach Queen's personal books - $21305.8, Original cost of asset for Peach Queen $94824 • Land - Fair (market) value on the date of the transfer - $55352, Net book value on Peach Queen's personal books - $37437, Original cost of asset for Peach Queen - $42571 Kiwi King and Peach the dynamic duo of fruit royalty, decide to venture into the world of quirky partnerships and open up a unique establishment called "The Fruity Throne Café." They form "the Fruity Throne Café is established as a general partnership on January 1, 2025. They agree to divide all profits and losses equally and work together to create a partnership agreement. Peach Queen contributes $50,000 cash to the partnership. In addition, because she is so queenly, she contributes the following additional assets to the partnership as well: • Building - Fair (market) value on the date of the transfer - $111533, Net book value on Peach Queen's personal books - $21305.8, Original cost of asset for Peach Queen $94824 • Land - Fair (market) value on the date of the transfer - $55352, Net book value on Peach Queen's personal books - $37437, Original cost of asset for Peach Queen - $42571
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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