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Brekke and Fig decide to organize a partnership. Brekke invests $30,000 cash, and Fig contributes $24,000 cash and equipment having a book value of $12,000.
Brekke and Fig decide to organize a partnership. Brekke invests $30,000 cash, and Fig contributes $24,000 cash and equipment having a book value of $12,000. Choose the entry to record Fig's investment in the partnership assuming the equipment has a fair value of $18,000. a. Cash. Equipment Fig, Capital b. Equipment Fig, Capital c. Cash... Fig, Capital d. Cash.... Equipment Fig, Capital 24,000 12,000 36,000 12,000 12,000 24,000 24,000 24,000 18,000 42,000
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