Question

Delisa invests office equipment with a fair market value of $70,000, delivery equipment with a fair market value of $89,000, and cash of $54,000. She owes $68,000, represented by a note on the delivery equipment. If Delisa's office equipment cost $80,000 and has accumulated depreciation of $30,000, the amount at which the asset should be entered on the books of the new partnership would be

Answer 1

$70,000

Step-by-step explanation:

Based on the information given we were been told that they invests their office equipment with a fair market value of the amount of $70,000 which means that the fair market value amount of $70,000 will be the amount at which the asset will be entered on the books of the new partnership.

Therefore the amount at which the asset should be entered on the books of the new partnership would be $70,000.