Question: 1 . A , B , and C joined and formed the ABC partnership. A s equipment has a book value of $ 1 0

1. A, B, and C joined and formed the ABC partnership. As equipment has a book value of $10,000. Its accumulated depreciation is $6,000 and its fair market value is $7,000. When entering this equipment on the books of the new partnership, it should be entered at:
a. $4,000
b. $6,000
c. $7,000
d.10,000

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