David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?
David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 29P
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Transcribed Image Text:David and Sandy are forming a partnership. David will invest a truck with a book value of $11000 and a fair value of $13000. Sandy will
invest a building with a book value of $30600 accumulated depreciation of $14000, and a fair value of $42300. After the assets of
David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?
O $53300
O $41600
O $43600
O $55300
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