Todd is investing in a partnership with Joseph. Todd contributes equipment that

Question

Todd is investing in a partnership with Joseph. Todd contributes equipment that originally cost $41000, has a book value of $19400, and a fair value of $25800. the entry that the partnership makes to record Todds initial contribution includes a

a) debit to equipment for $25800

b)debit to equipment for $41000

c)credit to accumulated depreciation for $21600

d)debit to equipment for $21600

Question 1 Todd is investing in a partnership with Joseph. Todd contributes equipment that origit contribution includes a O debit to Equipment for $25800. O debit to Equipment for $41000. O credit to Accumulated Depreciation for $21600. debit to Equipment for $21600.

Explanation / Answer

Answer : a. Debit equipment of $25800.

Recording the journal entry fair value of equipment is taken.

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