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erastovalidia [21]
2 years ago
14

Jen is investing in a partnership with Lisa. Jen contributes equipment that originally cost $65,000, has accumulated depreciatio

n of $20,000, thus giving it a book value of $45,000, and has a fair value of $52,000. The entry to record Jen’s initial contribution to the partnership includes a
Business
1 answer:
Gelneren [198K]2 years ago
3 0

Answer:

Debit to equipment for $52000

Explanation:

Based on the information given we were told that Jen had a fair value of the amount of $52,000. This means that the Journal entry to record the initial contribution to the partnership will tend to include a DEBIT TO EQUIPMENT FOR THE AMOUNT OF $52,000 which is the fair value amount.

Debit to equipment for $52,000

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