Illustrate what amount should robert capital account

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Reference no: EM13123622

Robert Johnson contributed equipment, inventory and $42000 cash to the partnership. The equipment had a book value of $25000 and market value of $28000. The inventory has a book value of $50000, but only had a market value of $15000 due to obsolescence. The partnership also assumed a $12000 note payable owed by Robert that was originally used to purchase the equipment. What amount should Robert's capital account be recorded?

Reference no: EM13123622

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