Business, 21.06.2020 00:57, alystidham772

As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,900 and on which accumulated depreciation of $89,175 has been recorded. If similar equipment would cost $150,400 to replace and the partners agree on a valuation of $50,300 for the contributed equipment, what amount should be debited to the equipment account?

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As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,900...