Ryan Fuller, a sole proprietor, entered into partnership with another individual. Fuller's investment in the partnership included equipment that cost $32,000 when it was purchased. The equipment has a book value of $13,000 and a net agreed-on value of $16,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded at:
A. $16,000 and $0, respectively.
B. $13,000 and $0, respectively.
C. $32,000 and $19,000, respectively.
D. $16,000 and $3,000, respectively.

Question

Ryan Fuller, a sole proprietor, entered into partnership with another individual. Fuller's investment in the partnership included equipment that cost $32,000 when it was purchased. The equipment has a book value of $13,000 and a net agreed-on value of $16,000. In the financial records of the partnership, this equipment and its accumulated depreciation should be recorded at:
  A. $16,000 and $0, respectively. 	
  B. $13,000 and $0, respectively. 	
  C. $32,000 and $19,000, respectively. 	
  D. $16,000 and $3,000, respectively.

keeli_grace · Answer

This is math, why is this in the History section?