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

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Definitions:

Common Fate

A principle suggesting that individuals in a group are bound together by the outcome of events, affecting them all similarly.

Experienced Negotiators

Individuals who have a significant amount of expertise and skill in conducting negotiations effectively.

Constituencies

Groups or bodies of voters in a specified area who elect a representative to a legislative body.

Relationships

Connections or associations between individuals or entities based on emotional bonds, interactions, or mutual interests.