this is partnership fomation 1. the asset contribution of the partnership, and any related liabilities assumed by the partnership, are recorded in the partnership a. historical cost b. carrying amount c. fair value. 2. A and B agreed to form a partnership. A contributes cash, 600,000, inventory 20,000, half if the inventory is unpaid, the partnership agreed to assume the related accounts payable, equipment 50,000. B contributes a land amounting to 400,000 which has a fair value of 700,000. The land is subject to a mortgage 100,000. B agreed to settle the mortgage personally. how much are the adjusted capital contributions of A and B, respectively a. 660,000; 700,000 b. 670,00; 700,000 c. 670,000; 690,00 d. 670,000; 600,000
this is
1. the asset contribution of the partnership, and any related liabilities assumed by the partnership, are recorded in the partnership
a. historical cost
b. carrying amount
c. fair value.
2. A and B agreed to form a partnership. A contributes cash, 600,000, inventory 20,000, half if the inventory is unpaid, the partnership agreed to assume the related accounts payable, equipment 50,000. B contributes a land amounting to 400,000 which has a fair value of 700,000. The land is subject to a mortgage 100,000. B agreed to settle the mortgage personally. how much are the adjusted capital contributions of A and B, respectively
a. 660,000; 700,000
b. 670,00; 700,000
c. 670,000; 690,00
d. 670,000; 600,000
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