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Question 5 (3 points) On February 1, Benno Redburn and Jose Nichols decide to organize the ALL-Star partnership. Redburn invests $12,000 cash and Nichols
Question 5 (3 points) On February 1, Benno Redburn and Jose Nichols decide to organize the ALL-Star partnership. Redburn invests $12,000 cash and Nichols contributes $9,000 cash and equipment with a cost of $7,500 and accumulated depreciation of $4,000 and a fair value of $3,200. Required: Prepare the journal entry to record Nichol's investment in the partnership.
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
12th edition
133451860, 978-0133451863
