Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jose mercado, a sole proprietor, entered into part

Jose Mercado, a sole proprietor, entered into partnership with another individual. The partnership would use...

90.2K

Verified Solution

Question

Accounting

Jose Mercado, a sole proprietor, entered into partnership with another individual. The partnership would use the books of Mercado. Mercado's investment in the partnership included equipment that was purchased for 45,000. The equipment has a carrying value of 22,000 and a net agreed-upon value of 27,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded respectively at

A. 22,000 and 0 B. 27,000 and 0 C. 45,000 and 23,000 D. 45,000 and 18,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

You re pretty sure you know that one particular gene is from the fern so...

Biology
1.2K views

Drag each label to the correct location on the diagram Labels Drop Zones Hydrogen bond...

Biology
1.2K views

cm 0 RESET MY NOTES 3 4 ALA Lab Data Time min 10 20 30...

Geometry
1.2K views

25x 0 x 38 The equation y 30 x 38 950 x 38 represents Jordan...

Calculus
1.2K views

oblem 3 1 point h x tan cos5 x compose h x into two functio

Accounting
1.2K views

The manufacturing overhead budget at Polich Corporation is based on budgeted direct labor-hours. The direct...

Accounting
1.2K views

Jay, Incorporated, a party rental business, completed its third year of operations on December 31....

Accounting
1.2K views

Use the following information for the Exercises below. (Algo) [The following information applies...

Accounting
1.2K views

The Red Wings hotel has two revenue generating departments, which are rooms and F&B outlets....

Accounting
1.2K views

MVP Sports Equipment Company is considering an investment in one of two machines. The sewing...

Finance
1.2K views

please i need the answer Acompany thinking about this credit...

Accounting
1.2K views

Zwick Company bought 28,500 shares of the voting common stock of Handy Corporation in January...