Edwin and Darren Have Decided to Form a Partnership

question 3

Multiple Choice

Edwin and Darren have decided to form a partnership. Edwin contributes $80,000 cash and merchandise inventory with a current market value of $20,000. Darren contributes $2,100 cash and office furniture with a current market value of $2,800. While journalizing this transaction:

• A)Office Furniture will be debited for $1,120.
• B)Office Furniture will be credited for $2,800.
• C)Office Furniture will be debited for $2,800.
• D)Office Furniture will be credited for $1,120.

---

Definitions:

Levels of Achievement

Refers to the varying stages or degrees of success and proficiency individuals attain in specific areas or skills.

Mastery Orientation

An approach to learning and achievement that focuses on gaining new skills, improving competence, and understanding material, rather than a focus on outward success.

Fixed Mindsets

The belief that one's abilities, intelligence, and talents are static traits which cannot be significantly developed.

Cross-race Friendships

Relationships between individuals of different racial backgrounds, which can enhance cultural understanding and reduce biases.