Steve Owns 62% and Mark Owns 38% of a Partnership

question 26

Multiple Choice

Steve owns 62% and Mark owns 38% of a partnership business.For developing the business,they purchased equipment for $10,300.The current market value of the equipment at the time of purchase was $9800.At the time of the balance sheet preparation,depreciation of $220 was incurred.Based on the information provided,which of the following is true of the partnership balance sheet?

• A)The Equipment account will be debited at $9800 on the date of purchase.
• B)The Equipment account will be debited at $9580 on the date of purchase.
• C)The Equipment account will be debited at $10,080 on the date of purchase.
• D)The Equipment account will be debited at $10,300 on the date of purchase.

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Definitions:

Motion Aftereffects

A visual phenomenon where, after staring at a moving visual stimulus, a stationary object appears to move in the opposite direction.

Stroboscopic Motion

The visual perception of motion produced by a rapid succession of static images, as in motion pictures.

Texture Gradients

A visual cue in perception where the texture of objects becomes denser and finer as the distance from the observer increases, aiding in the perception of depth.

Object Constancy

The understanding that objects remain the same, irrespective of changes in viewing conditions such as angle, distance, or lighting.