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What amount should be debited to the equipment account

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Problem 1: Which of the following is not a characteristic of a limited liability company?

a. moderate ability to raise capital

b. unlimited life

c. limited legal liability

d. taxable

Problem 2: 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?

a. $100,000

b. $29,000

c. $125,000

d. $150,000

Reference no: EM132803360

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