Henry Jones contributed equipment, inventory, and $58,300 cash to the partnership. The equipment had a...
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Accounting
Henry Jones contributed equipment, inventory, and $58,300 cash to the partnership. The equipment had a book value of $25,000 and market value of $33,500. The inventory had a book value of $50,800, but only had a market value of $11,500 due to obsolescence. The partnership also assumed a $13,400 note payable owed by Henry that was originally used to purchase the equipment.
What amount should be recorded to Henry's capital account?
$147,500
$89,900
$129,200
$120,700
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