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True or false? 1. Isa Belle, a proprietor who has agreed to take on a partner, has net assets with a 205,000 market value, while

True or false?

1. Isa Belle, a proprietor who has agreed to take on a partner, has net assets with a 205,000 market value, while assets have carrying value of 195,000. In the newly created partnership, Belle's capital will reflect the 195,000 carrying value of existing assets contributed to the new organization.

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