Question
John invests office equipment with a fair market value of $63,000, manufacturing equipment with a fair market value of $76,000, and cash of $31,000. He
John invests office equipment with a fair market value of $63,000, manufacturing equipment with a fair market value of $76,000, and cash of $31,000. He owes $28,000, represented by a note on the manufacturing equipment. The amount of John's capital would be
a. $170,000
b. $142,000.
c. $31,000.
d. None of these choices are correct.
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Financial Accounting A Business Perspective
Authors: Jefferson Williams, Roger Hermanson, James Don Edwards
10th Edition
1930789793, 978-1930789791
