Andy and Ian Formed a Partnership on April 1,2017

Multiple Choice

Andy and Ian formed a partnership on April 1,2017.Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has been recorded.The current market value of the equipment is $74,000.The value of the equipment recorded in the partnership journal is ________.

A) $66,000
B) $74,000
C) $58,000
D) $82,000