Answer: (4) Any form of life insurance
Explanation:
According to the given question, any type of the life insurance policy are used for purpose of funding the interest financially of deceased partner.
In this type of life insurance policy we made an agreement between the holder of life insurance policy and the insurer based on the critical or terminal illness of the person.
It is basically used into the form of two types that is whole life or for the short term contract basis. Therefore, Option (4) is correct.
Answer:
B)$330,000
Explanation:
Jeff contribute
cash 50,000
land 310,000
with a mortgage of 30,000
Total contribution
assets 360,000
liabilities (30,000)
<u>total 330,000</u>
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The entry to record the land will be:
Land 310,000
Mortgage payable 30,000
Jeff Capital Account 280,000
The land is recorded, the parthnership assumes the mortage and the remainder goes into Jeff Capital Account.
Answer and Explanation:
The presentation is shown below;
Depreciation expense
Adjustment $128 ($6,144 ÷ 48 months)
Accumulated depreciation
Adjustment $128
The journal entry is
Depreciation expense $128
To Accumulated depreciation $128
(Being depreciation expense is recorded)
Here the depreciation expense is debited as it increased the expense and credited the accumulated depreciation as it decreased the asset