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Question: dalworth and minor have decided to form a partnership minor...
Question details
Dalworth and Minor have decided to form a partnership. Minor is
going to contribute a depreciable asset to the partnership as her
equity contribution to the partnership. The following information
regarding the asset to be contributed by Minor is
available:
| Historical cost of the asset | $ | 78,000 |
| Accumulated depreciation on the asset | $ | 41,000 |
| Note payable secured by the asset* | $ | 20,000 |
| Agreed-upon market value of the asset | $ | 46,000 |
Based on this information, Harvey's beginning equity balance in the
partnership will be:
Multiple Choice
-
$26,000
-
$37,000
-
$46,000
-
$20,000
-
$78,000
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