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Apple and Pear formed a partnership on July 1. Year 1. Apple contributed cash of S50,000. Pear contributed property with a earrying value of S36,000,
Apple and Pear formed a partnership on July 1. Year 1. Apple contributed cash of S50,000. Pear contributed property with a earrying value of S36,000, and orginal eost of S40,000, and a fair value of Ss0,000. the partnership assumed 535,000 mortgage attached to the property. What should Pear's capital account be on July I Year 1?
S36,000
O$45,000
O$40,000
OS80,000
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Managerial Accounting An Introduction to Concepts Methods and Uses
Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil
11th edition
1111571260, 978-1111571269
