A and B formed a partnership. Partner A contributed cash. Partner B contributed fixed asset with a carrying amount in excess of its current market value. At what amount should the partnership record each of the assets contributed?

Partner A: face value; partner B: fair value

Partner A: face value; partner B: agreed value

Partner A: fair value; partner B: Book value

Partner A: carrying value; partner B: estimated value

If a new partner is admitted by purchase of interest of an old partner at amount higher than its book value, this will result in

The increase in total partnership's capital

No change in total partnership's capital

No change in old partners' capital

The decrease in total partnership's capital

Which of the following conditions is not a description or impact of admission by purchase?

Any money or other consideration exchanged is the property of the participants and not the property of the partnership.

The entry to record is by debiting Cash/Non Cash assets and crediting the new partner's capital account.

Total assets, total liabilities, and total capital remain unchanged.

The transaction is a personal one between one or more existing partners and the new partner.

Partner's investment may include which of the following?

All of the choices

Non-cash assets

Non-cash assets with liabilities to be assumed

Cash

Need answers by 11:00am-11:30am today so a very short explanation will do. Thank you