Nathan Long Is Entering into a Partnership with Terri

question 62

Multiple Choice

Nathan Long is entering into a partnership with Terri.Nathan is investing $4,000 cash and equipment currently on Nathan's books at $10,000 and accumulated depreciation of $2,000.The equipment has a fair market value of $6,000.The entry to record Nathan's investment should be to:

• A)debit Cash $4,000;debit Equipment 10,000;credit Accumulated Depreciation $2,000;credit Long,Capital $12,000.
• B)debit Cash $4,000;debit Equipment $6,000;credit Accumulated Depreciation $2,000;credit Long,Capital $8,000.
• C)debit Long,Capital $12,000;debit Accumulated Depreciation $2,000;credit Cash $4,000;credit Equipment $8,000.
• D)debit Cash $4,000;debit Equipment $6,000;credit Long,Capital $10,000.

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