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What is the ending balance in Peach's capital account after the initial contribution? Kiwi King and Peach the dynamic duo of fruit royalty, decide to
What is the ending balance in Peach's capital account after the initial contribution?
Kiwi King and Peach the dynamic duo of fruit royalty, decide to venture into the world of quirky partnerships and open up a unique establishment called "The Fruity Throne Caf." They form "the Fruity Throne Caf is established as a general partnership on January 1, 2025. They agree to divide all profits and losses equally and work together to create a partnership agreement. Peach Queen contributes $50,000 cash to the partnership. In addition, because she is so queenly, she contributes the following additional assets to the partnership as well: Building - Fair (market) value on the date of the transfer - $111533, Net book value on Peach Queen's personal books - $21305.8, Original cost of asset for Peach Queen $94824 Land - Fair (market) value on the date of the transfer - $55352, Net book value on Peach Queen's personal books - $37437, Original cost of asset for Peach Queen - $42571
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