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Mathematics, 12.06.2020 20:57 arionna31
Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Feng and Jiqin. Jiqin’s investment in the partnership consists of HK$165,700 in cash, and the following assets of the proprietorship: accounts receivable HK$153,800 less allowance for doubtful accounts of HK$15,200, and equipment HK$183,000 less accumulated depreciation of HK$41,200. It is agreed that the allowance for doubtful accounts should be HK$28,100 for the partnership. The fair value of the equipment is HK$156,500. Journalize Jiqin’s admission to the firm of Feng and Jiqin
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Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to ter...
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