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What amount should be debited to the equipment account

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Reference no: EM132611961

Problem 1: As part of the initial investment, Ray Blake contributes equipment that had originally cost $125,000 and on which accumulated depreciation of $100,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $29,000 for the contributed equipment, what amount should be debited to the equipment account?

Group of answer choices

Option a. $150,000

Option b. $29,000

Option c. $100,000

Option d. $125,000

Reference no: EM132611961

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