SReising Contributed $48,000 in Cash Plus Equipment Valued at $73,000

question 107

Multiple Choice

S.Reising contributed $48,000 in cash plus equipment valued at $73,000 to the Reising Construction Partnership.The equipment had a book value of $65,000.The journal entry to record the transaction for the partnership would include a:

• A)Debit to Equipment for $73,000.
• B)Debit to Equipment for $65,000.
• C)Credit to S.Reising,Capital for $113,000.
• D)Credit to Common Stock for $121,000
• E)Credit to the Gain on Asset for $8,000.

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Definitions:

Phospholipid Bilayer

A critical component of all cell membranes, consisting of two layers of phospholipids which provide barriers and pathways for substances entering or exiting the cell.

Integral Protein

A type of membrane protein that is permanently attached to the biological membrane, playing critical roles in transport and signal transduction.

Chromosomes Condense

The process by which chromosomes become shorter and thicker, making them visible under a microscope, typically occurring during cell division.

Spindle Fibers

Filaments formed during cell division that help segregate chromosomes into the daughter cells.