Solution-Question nbsptupper and tolin have decided to form

Question nbsptupper and tolin have decided to form a

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Reference no: EM13375556

Question: Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:

Tupper Tolin

	Fair Value	Book Value	Fair Value	Book Value
Cash	$20,000	$20,000	mce_markernbsp; -	mce_markernbsp; -
Equipment basis	12,000	10,000	34,000	40,000
Vehicles basis			6,000	6,000
Notes payable*	8,000	6,000	20,000	22,000

* Associated with equipment
Required:

1) Calculate the capital balance of each partner in the partnership subsequent to the contributions.
2) Prepare the journal entry necessary to record the partners' contributions.

Reference no: EM13375556

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Question nbsptupper and tolin have decided to form a

Reference no: EM13375556

Reference no: EM13375556

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