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Ryan Fuller, a sole proprietor, entered into partnership with another individual. Fuller's investment in the partnership included equipment that cost $32,000 when it was purchased.
Ryan Fuller, a sole proprietor, entered into partnership with another individual. Fuller's investment in the partnership included equipment that cost $32,000 when it was purchased. The equipment has a book value of $13,000 and a net agreed-on value of $16,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded at
$16,000 and $0, respectively. |
$13,000 and $0, respectively. |
$32,000 and $19,000, respectively. |
$16,000 and $3,000, respectively. |
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