The balance sheet of Incrad Clothes, LLC, as of December 31, 2017 is presented below. 
Which of the following statements is true regarding Incrad's balance sheet?
A) The computer was purchased at a cost less than $15,000.
B) The bank loan of $25,000 should be considered part of the Partner's Equity.
C) Brad and Chad have limited liabilities for the partnership's debts because it is a limited liability company.
D) The current market value of the furniture is $12,000.
Correct Answer:
Verified
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