Edwin and Darren Have Decided to Form a Partnership

question 30

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 $17,000.Darren contributes $2400 cash and office furniture with a current market value of $3200.When journalizing these transactions ________.

• A) Office Furniture will be debited for $1070
• B) Office Furniture will be credited for $3200
• C) Office Furniture will be debited for $3200
• D) Office Furniture will be credited for $1070

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Definitions:

Predicted Value

The value forecasted using a statistical model or algorithm based on current or past data.

Coefficient Of Determination

A statistical metric, typically denoted as R², that measures the proportion of the variance for a dependent variable that's predicted from the independent variable(s) in a regression model.

SSE

Sum of Squared Errors, a measure used in statistical analysis to quantify the discrepancy between the data and an estimation model.

SST

Total sum of squares in statistical analysis, measuring the total variation in the observed data.