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Ben and Same Jenkins formed a partnership. Ben contributed $9,000 cash and a used truck originally cost $35,000 and had accumulated depreciation of $20,000. The
Ben and Same Jenkins formed a partnership. Ben contributed $9,000 cash and a used truck originally cost $35,000 and had accumulated depreciation of $20,000. The trucks fair value was $13,000. Sam contributed a new storage garage. The garage had a fair value of $60,000. Record the transaction for the formation of the partnership.
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