Todd Is Investing in a Partnership with Joseph

Multiple Choice

Todd is investing in a partnership with Joseph. Todd contributes equipment that originally cost $42000 has a book value of $20000 and a fair value of $26000. The entry that the partnership makes to record Todd's initial contribution includes a

A) debit to Equipment for $22000.
B) debit to Equipment for $42000.
C) debit to Equipment for $26000.
D) credit to Accumulated Depreciation for $22000.