Question 20

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Todd is investing in a partnership with Joseph. Todd contributes equipment that originally cost of $20,000, and a fair value of $26,000. The entry that the partnership makes to record Todds initial contribution includes

a.

Debit to Equipment for $26,000

b.

Debit to Equipment for $22,000.

c.

Credit to Accumulated Depreciation for $22,000

d.

Debit to Equipment for $42,000

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