Chen and Wright Are Forming a Partnership

question 25

Multiple Choice

Chen and Wright are forming a partnership. Chen will invest a building that currently is being used by another business owned by Chen. The building has a market value of $90,000. Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Chen's Capital account are:

• A) Building, $90,000 and Chen, Capital, $90,000.
• B) Building, $60,000 and Chen, Capital, $60,000.
• C) Building, $60,000 and Chen, Capital, $50,000.
• D) Building, $90,000 and Chen, Capital, $60,000.
• E) Building, $60,000 and Chen, Capital, $90,000.

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Definitions:

Program Flow

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Action Catalog

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Submacro

A smaller, secondary macro that is part of a larger macro within software, allowing for structured and organized automation steps.

Conditional Statements

Conditional Statements are programming constructs used to perform different actions based on whether a specified boolean condition is true or false.