David and Sandy are forming a partnership. David will invest a truck with a book value of $11000 and a fair value of $13000. Sandy willinvest a building with a book value of $30600 accumulated depreciation of $14000, and a fair value of $42300. After the assets ofDavid and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?O $53300O $41600O $43600O $55300

Partnership is one of the forms of business organisation. Under this, two or more than two people…

Answered: David and Sandy are properly recorded…

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David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

David and Sandy are forming a partnership. David will invest a truck with a book value of $11000 and a fair value of $13000. Sandy will
invest a building with a book value of $30600 accumulated depreciation of $14000, and a fair value of $42300. After the assets of
David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets?
O $53300
O $41600
O $43600
O $55300

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