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Hannah Johnson contributed equipment, inventory, and $54,500 cash to partnership. The equipment had a book value of 34,200. The inventory had a book value of
Hannah Johnson contributed equipment, inventory, and $54,500 cash to partnership. The equipment had a book value of 34,200. The inventory had a book value of 47,900 but only had a marker value of 11,900 due to obsolescence. The partnership also assumed a 15,700 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannahs capital account?
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