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Ustace Scrubb and Will Poulter decide to organize the ALL-Star partnership. Scrubb invests $58,500 cash, and Poulter contributes $39,000 cash and equipment having a book value of $13,650.

Prepare the entry to record Poulter's investment in the partnership, assuming the equipment has a fair value of $19,500.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948716

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