The financial records of the partnership

Reference no: EM13840178

Question:

Ryan Fuller, a sole proprietor, entered into a partnership with another individual. Fuller''s investment in the partnership included equipment that cost $32,000 wgeb ut was purchased. The equipment has a book value of $13,000 and a net agreed-on value of $16,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded at:

a) $16,000 and $0, respectively

b) $13,000 and $0, respectively

c) $32,000 and $19,000 respectively

d) $16,000 and $3,000 respectively

Reference no: EM13840178

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