The DELS partnership was formed by combining Individual accounting practices on May 10, 20X1. The initial...

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The DELS partnership was formed by combining Individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Tax Basis Delaney: Cash $8,700 Building 61,600 $ 8,700 33,300 Mortgage payable, assumed by DELS 37,100 37,100 Engstrom: Cash 9,3001 9,300 Office furniture 23,600 17,400 Note payable, assumed by DELS 11,100 11,100 Lahey: Cash 13,100 13,100 Computers and printers 18,900 21,400 Note payable, assumed by DELS 16,000 16,000 Simon: Cash 22,700 22,700 Library (books and periodicals) 7,400 5,400 The DELS partnership was formed by combining Individual accounting practices on May 10, 20X1. The initial investments were as follows: Current Value Tax Basis Delaney: Cash $8,700 Building 61,600 $ 8,700 33,300 Mortgage payable, assumed by DELS 37,100 37,100 Engstrom: Cash 9,3001 9,300 Office furniture 23,600 17,400 Note payable, assumed by DELS 11,100 11,100 Lahey: Cash 13,100 13,100 Computers and printers 18,900 21,400 Note payable, assumed by DELS 16,000 16,000 Simon: Cash 22,700 22,700 Library (books and periodicals) 7,400 5,400