As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and...

 

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As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and on which accumulated depreciation of $88,725 has been recorded. If similar equipment would cost $145,100 to replace and the partners agree on a valuation of $42,300 for the contributed equipment, what amount should be debited to the equipment account? Oa. $145.100 Ob. $118,300 Oc. $42.300 Od. $31,725 As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and on which accumulated depreciation of $88,725 has been recorded. If similar equipment would cost $145,100 to replace and the partners agree on a valuation of $42,300 for the contributed equipment, what amount should be debited to the equipment account? Oa. $145.100 Ob. $118,300 Oc. $42.300 Od. $31,725

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In partnership when a partners contributes an assets the asset is r... View the full answer