Badger and Fox are forming a partnership. Badger contributes a building that has
ID: 2371503 • Letter: B
Question
Badger and Fox are forming a partnership. Badger contributes a building that has a market value of $356,000; the partnership assumes responsibility for a $128,000 note secured by a mortgage on the property. Fox invests $103,000 in cash and equipment that has a market value of $78,000. For the partnership, the amounts recorded for the building and for Badger's Capital account are:
Badger and Fox are forming a partnership. Badger contributes a building that has a market value of $356,000; the partnership assumes responsibility for a $128,000 note secured by a mortgage on the property. Fox invests $103,000 in cash and equipment that has a market value of $78,000. For the partnership, the amounts recorded for the building and for Badger's Capital account are:
Explanation / Answer
Building $356,000; Badger, Capital $228,000.
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