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inessss [21]
3 years ago
6

When two proprietors decide to combine their businesses and form a partnership, gaap usually requires that noncash assets be tak

en over at their _______ on the date of the partnership.
a. residual value
b. book value
c. fair market value
d. historical cost
Business
1 answer:
Tcecarenko [31]3 years ago
8 0
When proprietors decide to combine their business and form a partnership, gaap usually requires that non cash assets be taken over at : C. fair market vale
The data will be used to calculate the percentages of ownership of each combined companies

hope this helps
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Information related to Kerber Co. is presented below.
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Date        Account titles & Explanation           Debit         Credit

Apr-05    Merchandise Inventory                    $23,000

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Apr-06    Merchandise Inventory                    $900

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                       Accounts Payable                                       $26,000

Apr-08    Accounts Payable                             $3,000

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Apr-15     Accounts Payable                            $20,000

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