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Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $21,300 cash, and...

Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $21,300 cash, and Nichols contributes $20,000 cash and equipment having a book value of $4,260. Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $5,680.

Account Titles and Explanation

Debit

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Answer #1
Account Titles and Explanation Debit Credit
Cash $20,000 -
Equipment $5,680 -
Nicholas capital - $25,680
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