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Question - The partnership of A and B was formed on January 1, 2021. On this date, A invested PHP200,000 cash and office equipment with a fair value of PHP80,000. B invested PHP220,000 cash, merchandise valued at PHP150,000, and furniture valued at PhHP150,000 subject to a note payable of PHP100,000, which the partnership assumes. The partnership provides that A and B share profits and losses 30:70, respectively. The agreement further provides that the partners should have a 70:30 capital ratio. How much is the capital credited to A and B upon formation?
If the fair rental value of the building is $30,000, what are the income tax consequences to the parties involved
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Calculate the correct net book value of the machine at the year end date of 31 December 20X1. Plant Assets and Depreciation Angela purchased a machine
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