If a limited liability partnership is incorporated, the corporation generally records the amount of the partnership's allowance for doubtful accounts, but does not record the accumulated depreciation of plant assets transferred to the corporation by the partnership.

Question

Quizplus · Accepted Answer

The corporation does not record the accumulated depreciation of plant assets transferred to the corporation by the partnership because the partnership's accumulated depreciation is not an asset of the corporation.

If a Limited Liability Partnership Is Incorporated, the Corporation Generally