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What amount should the partnership record each of the assets

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Problem 1: A and B formed a partnership. Partner A contributed cash. Partner B contributed fixed asset with a carrying amount in excess of its current market value. At what amount should the partnership record each of the assets contributed?

Option 1: Partner A: face value; partner B: fair value

Option 2: Partner A: face value; partner B: agreed value

Option 3: Partner A: fair value; partner B: Book value

Option 4: Partner A: carrying value; partner B: estimated value

Reference no: EM132831231

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