Steve Owns 64% and Mark Owns 36% of a Partnership

question 86

Multiple Choice

Steve owns 64% and Mark owns 36% of a partnership business.They purchase equipment with a suggested value of $9,600.The current market value of the equipment at the time of purchase was $9,100.At the time of the balance sheet preparation,depreciation of $160 was recorded.Based on the information provided,which of the following is true of the partnership balance sheet?

• A)The Equipment account will be debited at $9,100 on the date of purchase.
• B)The Equipment account will be debited at $8,940 on the date of purchase.
• C)The Equipment account will be debited at $9,600 on the date of purchase.
• D)The Equipment account will be debited at $9,440 on the date of purchase.

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Definitions:

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