Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a O debit to Equipment for P33,000. O debit to Equipment for P63,000. O debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000,

Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a O debit to Equipment for P33,000. O debit to Equipment for P63,000. O debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000,

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 12CE

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