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Record the transaction for the formation of the partnership

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Problem 1: Ben and Same Jenkins formed a partnership. Ben contributed $9,000 cash and a used truck originally cost $35,000 and had accumulated depreciation of $20,000. The truck's fair value was $13,000. Sam contributed a new storage garage. The garage had a fair value of $60,000. Record the transaction for the formation of the partnership.

Reference no: EM132992503

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