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Should allowance for doubtful accounts also be recorded

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Question - Nicole contributes furniture to a partnership. It had an original cost of $20,000 and accumulated depreciation of $8,000. Nicole and her partner Jeremy agree that the equipment has a fair value of $11,500 dollars.

Should they use original cost (minus accumulated depreciation) or fair value?

Record the entry in a journal.

If accounts receivable were transferred into the partnership, should allowance for doubtful accounts also be recorded?

Reference no: EM132718514

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