Homework Answers
| CALCULATION OF FMV OF ASSETS | |
| PARTICULAR | AMOUNT |
| CASH | 10,000.00 |
| A/R | 13,000.00 |
| INVENTORY | 20,000.00 |
| EQUIPMENT | 28,000.00 |
| LAND | 45,000.00 |
| INVESTMENT | 13,000.00 |
| 1,29,000.00 | |
| DEPRECIATION | 6,000.00 |
| FAIR MARKET VALUE OF ASSETS | 1,23,000.00 |
| FAIR MARKET VALUE OF PARTNER "X" | |
| TOTAL FMV | 1,23,000.00 |
| SHARE OF PARTNER "X" | 1/3 |
| SO PARTNERS "X" SHARE IN FMV | 41,000.00 |
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