James and Laura are forming a partnership. James will invest a truck with a book value of Pi0,000 and a fair market value of P14,000. Laura will invest a building with a book value of P3o,000 and a fair market value of P42,000 with a mortgage of P15,000. At what amount should the building be recorded? *
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- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,200James and Laura are forming a partnership. James will invest a truck with a book value of Pio,000 and a fair market value of P14,000. Laura will invest a building with a book value of P30,000 and a fair market value of P42,000 with a mortgage of P15,000. What amount should be recorded in James' capital account? *Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $7,000 and a fair market value of $14,300. Kelsey will invest a building with a book value of $43,300 and a fair market value of $68,700.What amount will be recorded to Kelsey's capital account?
- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900James and Laura are forming a partnership. James will invest a truck with a book value of P10,000 and a fair market value of P14,000. Laura will invest a building with a book value of P30,000 and a fair market value of P42,000 with a mortgage of P15,000. What amount should be recorded in Laura's capital account? *Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,600 and a fair market value of $13,400. Kelsey will invest a building with a book value of $32,700 and a fair market value of $63,400. What amount will be recorded to Kelsey's capital account? a. $32,700 b. $63,400 c. $13,400 d. $6,600
- James joined a partnership by contributing the following: cash, P20,000;accounts receivable, P4,000; land, P240,000 fair value; and accounts payable, P16,000. What will be the initial amount recorded in James’ capital account? Give the entry to record the investment of JamesSandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $5,300 and a fair market value of $12,800. Kelsey will invest a building with a book value of $38,000 and a fair market value of $55,700. What amount will be recorded to Sandra's capital account? a. $38,000 b. $5,300 c. $55,700 D.12.800 d. $12,800Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $180,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Smart is investing $120,000 cash. The balance of Maxwell's Capital account will be: Multiple Choice $180,000. $124,000. $56,000. $64,000. $60,000.
- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,700 and a fair market value of $12,600. Kelsey will invest a building with a book value of $37,400 and a fair market value of $64,500.What amount will be recorded to the building account? a.$12,600 b.$64,500 c.$4,700 d.$37,400April invited May and June to join her in a partnership to be called Calendar Girls. The following were agreed upon: a) May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current market value is P150,000. b) June is to invest land with an appraised value of P350,000. There is an attached mortgage to this which will be assumed by the partnership amounting to P130,000. c) April is investing her Slim Saloon, except for the cash, consisting of the following: Cash P10,000 Accounts receivable 30,000 Furniture and equipment Accumulated depreciation 15,000 Accounts payable 320,000 15,000 10% of the accounts receivable is doubtful of collection. The furniture and equipment has a present market value of P300,000. What is April's capital balance just after the formation? What is the amount of the total liabilities of the partnership immediately after formation? What is the amount of the total assets of the partnership immediately after formation? What…Carlo invested the following in the partnership being formed with Jamie: Cash of P60,000; Land of P200,000 with an appraised value of P410,000; Store furniture costing P40,000 less accumulated depreciation of P10,000; Mortgage note payable P15,000 plus accrued interest for a year at 18%. The mortgage note is to be assumed by the partnership together with any unpaid interest incurred on the note. How much will be Carlo’s initial capital on the partnership being formed?