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Prepare the entry to record Nichols investment

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Question - Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $19,500 cash, and Nichols contributes $18,000 cash and equipment having a book value of $3,900.

Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $5,200.

Reference no: EM133033621

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