SReising Contributed $48,000 in Cash Plus Equipment Valued at $73,000

question 79

Multiple Choice

S.Reising contributed $48,000 in cash plus equipment valued at $73,000 to the Reising Construction Partnership.The equipment had a book value of $65,000.The journal entry to record the transaction for the partnership would include a:

• A)Debit to Equipment for $73,000.
• B)Debit to Equipment for $65,000.
• C)Credit to Reising,Capital for $113,000.
• D)Credit to Common Stock for $121,000
• E)Credit to the Gain on Asset for $8,000.

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Definitions:

Majority Opinion

The judicial opinion agreed to by more than half of the members of a court, setting forth the decision in a case and an explanation of the rationale behind the court's decision.

Appeal To Emotion

A logical fallacy that uses the manipulation of emotions rather than valid logic to persuade.

Fallacy

A flaw in thinking that leads to a fallacy, rendering the argument not valid.

Persuade

To convince someone to do or believe something through reasoning or argument.