Andy and Ian formed a partnership on April 1,2019.Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has been recorded.The current market value of the equipment is $74,000.The value of the equipment recorded in the partnership journal is ________.

Question

Quizplus · Accepted Answer

In a partnership, assets contributed by partners are recorded at their current market value. Therefore, the equipment contributed by Andy is recorded at its current market value of $74,000.

Andy and Ian Formed a Partnership on April 1,2019