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Prepare the entry to record nichols investment

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Reference no: EM133030206

Problem - Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,900 cash, and Nichols contributes $15,000 cash and equipment having a book value of $4,032.

Required - Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $5,040.

Reference no: EM133030206

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