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Trevor Smith contributed equipment, inventory and $47,000 cash to a partnership. The equipment has a...

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Accounting

Trevor Smith contributed equipment, inventory and $47,000 cash to a partnership. The equipment has a book value of $25,000 and a marker value of $28,000. The inventory had a book value of $90,000 but only had a marker value of $50,000 due to obsolescence. The partnership also assumed a $151,100 note payable owed by Smith that was used orginallu to purchase equipment.

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