7. A partnership records the partners contributions at their A) current market value B) historical value C) net realizable value D) average value 8. Andy and lan formed a partnership on April 1, 2019 Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has been recorded. The current market value of the equipment is $74,000. The value of the equipment recorded in the partnership journal is A) 566,000 B) $74,000 C) $58,000 D) $82,000 9. Jack holds an ownership interest of 63% and Teresa holds an ownership interest of 37% in the Jand Partnership. This year, in order to further develop the business, Jack contributes an additional $6800 and Teresa contributes an additional $3200 to the partnership. Which of the following is TRUE of this scenario? A) Either the total contribution of $10,000 or the contribution in relationship to the ownership interest ratio will be recorded. B) Only the total contribution of $10,000 will be recorded. C) Individual contributions of $6800 by Jack and $3200 by Teresa will be recorded D) 63% of Jack's contribution and 37% of Teresa's contribution will be recorded. 10. Which of the following is TRUE of a partnership balance sheet? A) Unlike a corporation's balance sheet, it includes all income statement account information B) It excludes any current liabilities C) It reports a separate capital account for each partner D) It details the interest expenses of the business