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Case 12.1 Adam and Alice form the AA Partnership. The following table details information about their investments in the partnership. Accumulated Depreciation Note on Asset
Case 12.1 Adam and Alice form the AA Partnership. The following table details information about their investments in the partnership. Accumulated Depreciation Note on Asset Partner Adam Adam Adam Alice Alice Alice Asset Cash Land Building Cash Equipment Automobile Cost $45,000 $55,000 $140,000 $20,500 $60,000 $25,000 $40,000 Value $45,000 $105,000 $190,000 $20,500 $50,000 $20,000 $105,000 $15,000 $20,000 $10,000 a.) Record Adam's investment b.) Record Alice's investment c.) What will be the total assets on the balance sheet of the partnership immediately after the investments by Adam and Alice? d.) What will be the total liabilities on the balance sheet of the partnership immediately after the investments by Adam and Alice
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