Prepare the entry to record nicholss investment, Accounting Basics

Prepare the entry to record nicholss investment

Problem

Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,900 cash, and Nichols contributes $13,000 cash and equipment having a book value of $4,980.

Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,640.

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Accounting Basics: Prepare the entry to record nicholss investment

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Accounting Basics: Prepare the entry to record nicholss investment

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