Heyman and Mullins begin a partnership on January 1, 2012. Heyman invests $40,000 cash and...
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Accounting
Heyman and Mullins begin a partnership on January 1, 2012. Heyman invests $40,000 cash and inventory costing $15,000 but with a current appraised value of only $12,000. Mullins contributes a building with a $40,000 book value and a $48,000 fair value. The partnership also accepts responsibility for a $10,000 note payable owed in connection with this building.
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