Andy and Ian Formed a Partnership on April 1, 2015

question 20

Multiple Choice

Andy and Ian formed a partnership on April 1, 2015. Andy contributes equipment, purchased at a price of $85,000 on April 1, 2014, to the business. The accumulated depreciation of the equipment is $15,000. The current market value of the equipment is $75,000. The value of the equipment recorded in the partnership journal is ________.

• A)$70,000
• B)$75,000
• C)$60,000
• D)$85,000

---

Definitions:

Free-Exercise Clause

A clause in the First Amendment of the U.S. Constitution which states that government (state and federal) cannot make a law "prohibiting the free exercise" of religion; has been interpreted as including absolute freedom to believe and freedom to act, which may face state restriction.

First Amendment

A core provision of the United States Constitution that protects freedoms concerning religion, expression, assembly, and the right to petition.

Right to Privacy

the right to be free from intrusion or interference in one's personal life and affairs.

Fifth Amendment

A part of the U.S. Constitution that protects individuals from self-incrimination and double jeopardy, and guarantees the right to due process.