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$13,000 cash and equipment having a book value of $5,184. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,480. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

$13,000 cash and equipment having a book value of $5,184. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,480. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,300 cash, and Nichols contributes $13,000 cash and equipment having a book value of $5,184. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,480. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,300 cash, and Nichols contributes $13,000 cash and equipment having a book value of $5,184. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,480. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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