A new partner is admitted either by purchasing an interest from one or more current partners or by investing cash or other assets in the partnership.

Select one:

a. TRUE

b. FALSE

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SEMAEnterprises purchased a depreciable asset on October 1, Year 1 at a cost of $100,000. The asset is expected to have a salvage value of $20,000 at the end of its five-year useful life. The asset is depreciated using the double-declining-balance method,

Required: Calculate the asset's thebook value on December 31, Year 2.

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Abdul-Rahim Taysir