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11-05-2021
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When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their: Group of answer choices fair market value at the time of the contribution. assessed values for property tax purposes. original costs to the partner contributing them. book values on the partners' books prior to their being contributed to the partnership.

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12-05-2021

Answer:

When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their:

fair market value at the time of the contribution.

Explanation:

This fair market value of the assets contributed by each partner provides the best measurement value at which assets contributed in a partnership should be recorded. The asset class is debited while the partner's capital account is credited with this fair market value and not the book or cost value.

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