Question
Mark & Johnny formed a partnership. Mark contributed Land with a fair value of $60,000 and book value of $50,000 plus cash. Johnny contributed $130,000
Mark & Johnny formed a partnership. Mark contributed Land with a fair value of $60,000 and book value of $50,000 plus cash. Johnny contributed $130,000 cash for 65% claim in the partnership's assets. How much is the cash contribution of Mark?
a. 20,000
b. 70,000
c. 60,000
d. 10,000
Need answers by 11:00am-11:20am today so a very short explanation will do. Thank you
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
