As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and...
As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and on which accumulated depreciation of $88,725 has been recorded. If similar equipment would cost $158,700 to replace and the partners agree on a valuation of $56,700 for the contributed equipment, what amount should be debited to the equipment account?
a.$42,525
b.$56,700
c.$158,700
d.$118,300
Homework Answers
| The amount debited to the equipment account would be the amount agreed upon by partners on a valuation. |
| Amount debited to the equipment account = $56,700 |
| Option B $56,700 is correct |
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As part of the initial investment, Ray Blake contributes
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