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Find what amount should be debited to the equipment account

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Problem 1: As part of the initial investment, Ray Blake contributes equipment that had originally cost $116,800 and on which accumulated depreciation of $87,600 has been recorded. If similar equipment would cost $159,000 to replace and the partners agree on a valuation of $41,900 for the contributed equipment, what amount should be debited to the equipment account?

a. $159,000

b. $31,425

c. $41,900

d. $116,800

Reference no: EM132803364

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