Question is as follows:

1. Nicole contributes furniture to a partnership. It had an original cost of $20,000 and accumulated depreciation of $8,000. Nicole and her partner Jeremy agree that the equipment has a fair value of $11,500 dollars.

1. Should they use original cost (minus accumulated depreciation) or fair value? (1) _______________________________

1. Record the entry in a journal (2)

1. If accounts receivable were transferred into the partnership, should allowance for doubtful accounts also be recorded? (1) ______________________

1. Nicole contributes furniture to a partnership. It had an original cost of $201000 and accumulated depreciation of $8,000. Nicole and her partner .Jeremiir agree that the equipment has a fair value of 5811.500 dollars. a. Should they use original cost [minus accumulated depreciation) or fair value? (1) b. How should they record the journal entry? [2) Imml c. If accounts receivable were transferred into the partnership, should allowance for doubtful accounts also be recorded\"? {1)