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Bagley invests personally owned equipment, which originally cost $210000 and has accumulated depreciation of $60500...

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Accounting

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Bagley invests personally owned equipment, which originally cost $210000 and has accumulated depreciation of $60500 in the Bagley and Eggers partnership. Both partners agree that the fair value of the equipment was $120600. The entry made by the partnership to record Bagley's Investment should be Equipment 120600 120600 210000 Bagley, Capital Equipment Accumulated Depreciation Equipment Bagley, Capital 60500 149500 Equipment 149500 Bagley, Capital 149500 120600 Equipment Loss on Purchase of Equipment Accumulated Depreciation-Equipment 28900 60500 Bagley, Capital 210000

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