E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment. (pp. 600–601)

E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment. (pp. 600–601)

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 41P

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