FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brian and Greason form a partnership and invest the following assets and liabilities. Greasons buildingis subject to a $40,000 mortgage that is not assumed by

Brian and Greason form a partnership and invest the following assets and liabilities. Greasons buildingis subject to a $40,000 mortgage that is not assumed by the partnership.Fair Market Value Carrying ValueBrianCash $60,000 $60,000Land 90,000 66,000GreasonCash 20,000 20,000Building 120,000 114,000

In the journal provided prepare the entry to record the formation of the partnership. (Omit explanation.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Fundamental Accounting Principles

Authors: John J Wild, Ken Shaw

25th Edition

1260247988, 978-1260247985

More Books

Students also viewed these Accounting questions

Question

★★★★★
Juanita is an accident reconstruction expert. She measured a 70-ft chord from the outer rim of the yaw mark on the road surface. The middle ordinate measured 9 ft in length. The drag factor of the...

Answered: 1 week ago

Question

★★★★★
12.14 House prices in bad part of town Refer to the previous exercise. Of the 100 homes, 25 were in a part of town considered less desirable. For a regression analysis using y = selling price and x =...

Answered: 1 week ago

Question

★★★★★
How would you describe the work atmosphere?

Answered: 1 week ago

Question

★★★★★
The following data represent tonnes of wheat harvested each year (1894-1925) from Plot 19 at the Rothamsted Agricultural Experiment Stations, England. (a) Multiply each data value by 100 to "clear"...

Answered: 1 week ago

Question

★★★★★
Process innovation focuses on _ _ _ _ _ . a . basic R&D b . decreasing the number of employees in the firm c . increasing profits d . the development of new products e . increasing the efficiencies...

Answered: 1 week ago

Question

★★★★★
How are the net sales for an accounting period determined? What purposes does the schedule of accounts receivable serve? What are the best ways to manage accounts receivables in your company?

Answered: 1 week ago

Question

★★★★★
3. (10 points) Find the length of the part of the curve 2 R(t) = t + + 1 t F between the origin and the point (1, 2/2, 1/3).

Answered: 1 week ago

Question

★★★★★
0 Skills and Applications Writing an Exponential Equation In Exercises 7-10, write the logarithmic equation in exponential form. For example, the exponential form of log, 25 = 2 is 5 = 25. 7. log4 16...

Answered: 1 week ago

Question

★★★★★
In 6-8 find the velocity v(t) and position s(t) at time t> 0 of a material particle that moves without friction along a straight line, when its acceleration, initial position, and initial velocity...

Answered: 1 week ago

Question

★★★★★
A die is rolled and value is recorded. The table shows the results of 20 rolls. 1 5 5 2 5 1 5 65 2 LQ 5 LO 5 2462 6 33 5 2 2 (a) Complete the probability distribution table. X P(X) 1

Answered: 1 week ago

Question

★★★★★
Uncle Cosmo plans to build a factory. It will cost $ 1 , 0 0 0 , 0 0 0 . He expects the after - tax cash inflows to be $ 2 3 0 , 0 0 0 annually for 6 years, after which he plans to scrap the...

Answered: 1 week ago

Question

★★★★★
Scott placed a business auto in service on January 1, 2019 and drove it 4,000 miles for business (equally over the course of the year), 3,250 miles for commuting, and 4,500 miles for nonbusiness...

Answered: 1 week ago

Question

★★★★★
1. Discuss the following statements: a) The smaller the unit of measurement used to measure a coastline, the longer the coastline becomes. b) The interpretation is different from what is interpreted....

Answered: 1 week ago

Question

★★★★★
1. What information of vital importance is not expressed in the message? The answer to the question tells us a little about the code used between the parties.

Answered: 1 week ago

Question

★★★★★
2. Find five metaphors for communication.

Answered: 1 week ago

Previous Question Next Question