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What amount should the partnership record each of assets

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Problem 1: Pathric and Jaymark formed a partnership, each contributing assets to the business. Pathric contributed inventory with a current market value in excess of its cost. Jaymark contributed real estate with a cost in excess of its current market value. At what amount should the partnership record each of the following assets?

             Inventory                  Real Estate
a.           Cost                         Cost
b.           Market Value               Cost
c.           Cost                     Market Value
d.          Market Value             Market Value

Reference no: EM132938334

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