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What will be the beginning equity balance in the partnership

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Trump and Hawthorne have decided to form a partnership. Trump is going to contribute a depreciable asset to the partnership as his equity contribution to the partnership. The following information regarding the asset to be contributed by Trump is available:

Historical cost of the asset $76,000

Accumulated depreciation on the asset $40,000

Note payable secured by the asset* $18,000

Agreed-upon market value of the asset $45,000

will be assumed by the partnership

Question 1: Based on this information, What will be the beginning equity balance in the partnership?

Reference no: EM132560255

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