1. As part of the initial investment, a partner contributes office equipment that had a cost of 20,000 and on which accumulated depreciation of 12,500 had been recorded. If the partners agree on a valuation of 9,000 for the equipment, what amount should be debited to the office equipment account?
b. 9,000- this is what I think is right
2. Chip and Dale agree to form a partnership. Chip is to contribute $ 50,000 in assets and to devote one-half time to the partnership. Dale is to contribute 20,000 and to devote full time to partnership. How will Chip and Dale share in the division of net income or not loss?
c. 1:1- this is what I think is right