Brian and Sandy Are Forming a Partnership

question 81

Multiple Choice

Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $10000 and a fair value of $14000. Sandy will invest a building with a book value of $30000 and a fair value of $42000 with a mortgage of $15000. What amount should be recorded in Sandy's capital account?

• A) $30000
• B) $27000
• C) $42000
• D) $14000

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Definitions:

Extramarital Affair

A sexual relationship, romantic friendship, or passionate attachment between two people, one or both of whom is married to someone else.

Presidential Election

A process by which the president of a country or a similar executive position is elected, often involving a nationwide vote.

Popular Vote

The number of actual individual votes cast by citizens in an election, as distinguished from electoral college votes or other forms of indirect election.

Defeated

Having been overcome in a battle, competition, or other form of contest; to have lost.