23. Partner X contributed equipment to the XYZ partnership. The equipment cost, P60,000 with accumulated depreciation of P10,000 but had a fair value of P70,000 at the date the partnership received it. At what amount should the equipment be reported? O a P70,000 O b. P60,000 O c. P10,000 O d. P50,000
23. Partner X contributed equipment to the XYZ partnership. The equipment cost, P60,000 with accumulated depreciation of P10,000 but had a fair value of P70,000 at the date the partnership received it. At what amount should the equipment be reported? O a P70,000 O b. P60,000 O c. P10,000 O d. P50,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:23. Partner X contributed equipment to
the XYZ partnership. The equipment
cost, P60,000 with accumulated
depreciation of P10,000 but had a fair
value of P70,000 at the date the
partnership received it. At what amount
should the equipment be reported?
a. P70,000
O b. P60,000
c. P10,000
d. P50,000
O o
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