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.

---

Definitions:

Imposed Nonexchange Revenues

Revenues collected by the government through taxes, fines, and other charges not in exchange for specific goods or services.

Government Mandated

Requirements or actions imposed by a government body that organizations or citizens must follow.

Voluntary Nonexchange Transactions

Transactions where an entity voluntarily gives or receives value without directly receiving or giving equal value in exchange.

Fund

A pool of money set aside for a specific purpose or managed to generate financial returns.