Tom barnes contributed equipment inventory and 43222 cash, Ask an Expert

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Tom Barnes contributed equipment, inventory, and $43,222 cash to the partnership. The equipment had a book value of $28,168 and market value of $34,262. The inventory has a book value of $41,721, but only had a market value of $13,719. due to obsolescence. The partnership also assumed a $13,778 note payable owed by Tom that was originally used to purchase the equipment.

What amount should Tom's capital account be recorded?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91383450

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