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What amount should be recorded to Henry capital account

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Question - Henry Jones contributed equipment, inventory, and $45,300 cash to a partnership. The equipment had a book value of $25,400 and market value of $34,600. The inventory had a book value of $48,000 but only had a market value of $19,600 due to obsolescence. The partnership also assumed a $14,400 note payable owed by Henry that was originally used to purchase the equipment. What amount should be recorded to Henry's capital account?

Reference no: EM133069924

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