Each Partner's Initial Non-Cash Investment in the Partnership Should Be

question 67

Multiple Choice

Each partner's initial non-cash investment in the partnership should be recorded at the

• A) fair value of the assets at the date of their transfer into the business.
• B) fair value of the assets at the date the partnership begins operations.
• C) original cost of the assets at the time they were purchased by the contributing partner.
• D) carrying amount of the assets at the date of their transfer into the partnership.