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Business, 20.07.2020 01:01 jsmn7438

Henry Jones contributed equipment, inventory, and $53,300 cash to a partnership. The equipment had a book value of $25,500 and market value of $32,900. The inventory had a book value of $51,900 but only had a market value of $16,000 due to obsolescence. The partnership also assumed a $14,500 note payable owed by Henry that was originally used to purchase the equipment. What amount should Henry's capital account be recorded?
a. $69,000
b. $104,000
c. $84,000
d. $89,000

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Henry Jones contributed equipment, inventory, and $53,300 cash to a partnership. The equipment had a...

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