Sampson and Stevens form a partnership. Sampson contributes land with a book value of $50,000 and a
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Sampson and Stevens form a partnership. Sampson contributes land with a book value of $50,000 and a fair value of $65,000. Sampson also contributes equipment with a book value of $52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should be the balance in Sampson’s capital account upon formation of the partnership?
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Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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