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What is the proper valuation if partner contributes noncash

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Reference no: EM133001029

Problem 1: What is the proper valuation if a partner contributes a noncash property in the partnership?

a. Agreed fair value of the property

b. Acquisition cost of the property

c. Carrying value of the property

d. Book value of the property

Problem 2: On July 1, 2020, Ethan and Emily formed a partnership. Ethan contributed the cash. Emily contributed land subject to a mortgage and was assumed by the partnership. Emily's capital account on July 1 should increase by

a. The fair value of the property at July 1.

b. The fair value of the property less the mortgage at July 1.

c. Emily's book value of the property less the mortgage at July 1.

d. Emily's book value of the property on July 1.

Problem 3: Which of the following statement is wrong?

a. Every partnership must consist of at least two partners

b. The partnership must be composed of five or more people

c. The partnership form of business is more preferred for the exercise of a common profession

d. A partnership cannot be formed by partners with professions different from each other

Reference no: EM133001029

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