Register
A partner invests into a partnership a building with an original cost of $180,000 and accumulated depreciation of $80,000. This building has a $140,000 fair value. As a result of the investment, the partner's
140k views
2 votes
A partner invests into a partnership a building with an original cost of $180,000 and accumulated depreciation of $80,000. This building has a $140,000 fair value. As a result of the investment, the partner's capital account will be credited for Group of answer choices

User Lytigas
by
5.7k points

1 Answer

1 vote

Answer:

a. $140,000

Step-by-step explanation:

Options are "a. $140,000 , b. $100,000, c. $180,000 , d. $240,000 "

Capital Account = Fair value of the asset (i.e. Partner's investment is valued on fair value)

Date Account Debit Credit

Building $140,000

Partner's capital $140,000

User Anthony Glyadchenko
by
6.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.7m answers

Other Questions

One reason that businesses want to combine with other businesses is to A. avoid taxes. B. delay expenses. C. hire more workers. D. reduce expenses.
Which of the following possesses the sole power to create revenue bills?
Which of the following is an example of a fixed expense? A.) Clothing B.) Rent C.) Food D.) Entertainment
A ______ is "the basic interpretive mechanism to let people know what an organization is doing and are sent out to editors and reporters in hopes of stimulating favorable stories about their organizations"
All of the following are fees typically charged by credit card companies EXCEPT: A. Late payment fee B. Balance Transfer fee C. Annual membership fee D. Reload fee
Link Copied!