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What amount should be recorded to henry capital account

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Question - Henry Jones contributed equipment, inventory, and $55,000 cash to a partnership. The equipment had a book value of $28,400 and market value of $32,200. The inventory had a book value of $45,900 but only had a market value of $14,500 due to obsolescence. The partnership also assumed a $15,400 note payable owed by Henry that was originally used to purchase the equipment. What amount should be recorded to Henry's capital account?

Reference no: EM132549903

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