5 Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership Tupper Tolin Fair Value Book Value Fair Value Book Value Cash $20,000 $20,000 $ $ Equipment basis 12,000 10,000 34,000 40,000 Vehicles basis 6,000 6,000 Notes payable 8,000 6,000 20,000 22,000 Associated with equipment Required 1) Calculate the capital balance of each partner in the partnership subsequent to the contributions 2) Prepare the journal entry necessary to record the partners contributions 5 Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership Tupper Tolin Fair Value Book Value Fair Value Book Value Cash $20,000 $20,000 $ $ Equipment basis 12,000 10,000 34,000 40,000 Vehicles basis 6,000 6,000 Notes payable 8,000 6,000 20,000 22,000 Associated with equipment Required 1) Calculate the capital balance of each partner in the partnership subsequent to the contributions 2) Prepare the journal entry necessary to record the partners' contributions

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5. Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have

5. Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership: Tupper Tolin Fair Value Book Value Fair Value Book Value Cash $20,000 $20,000 $ - $ - Equipment basis 12,000 10,000 34,000 40,000 Vehicles basis 6,000 6,000 Notes payable* 8,000 6,000 20,000 22,000 * Associated with equipment Required: 1) Calculate the capital balance of each partner in the partnership subsequent to the contributions. 2) Prepare the journal entry necessary to record the partners? contributions. image text in transcribed

5. Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership: Tupper Tolin Fair Value Book Value Fair Value Book Value Cash $20,000 $20,000 $ $ Equipment basis 12,000 10,000 34,000 40,000 Vehicles basis 6,000 6,000 Notes payable* 8,000 6,000 20,000 22,000 * Associated with equipment Required: 1) Calculate the capital balance of each partner in the partnership subsequent to the contributions. 2) Prepare the journal entry necessary to record the partners' contributions