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Question
As part of the initial investment, Ray Blake contributes equipment that had originally cost $125,000 and on which accumulated depreciation of $100,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $29,000 for the contributed equipment, what amount should be debited to the equipment account?
a. $29,000
b. $150,000
c. $125,000
d. $100,000
Answer
This answer is hidden. It contains 1 characters.
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