Equipment with a cost of P800,000 and accumulated depreciation of P240,000 is contributed to a new partnership by PARADIS ARMIN. The current market value of the equipment is P760,000. The replacement value of the equipment is P1,080,000. The equipment would be recorded on the partnership books at:

Equipment with a cost of P800,000 and accumulated depreciation of P240,000 is contributed to a new partnership by PARADIS ARMIN. The current market value of the equipment is P760,000. The replacement value of the equipment is P1,080,000. The equipment would be recorded on the partnership books at:

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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