Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship. Cash $1,800 Accounts payable $5,300 Supplies 3,800 Notes payable 3,900 Equipment $15,000 Total liabilities 9,200 Less: Accumulated depreciation—Equip. 12,200 2,800 Land 4,800 M. Derr, Capital 4,000 Total assets $ 13,200 Total liabilities and equitY$ 13,200 The new partners obtain appraised values and agree to accept the book values for Derr’s assets and liabilities except for the following: Equipment is valued at $5,800, and land is worth $8,800.RequiredPrepare the partnership’s journal entry to record Derr’s investment. Journal entry worksheetRecord investment of Derr. Note: Enter debits before credits.

In the united states, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. in the united kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. the united kingdom has a comparative advantage in the production of:

On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?

Asmall town wants to build some new recreational facilities. the proposed facilities include a swimming pool, recreation center, basketball court and baseball field. the town council wants to provide the facilities which will be used by the most people, but they face budget and land limitations. the town has $400,000 and 14 acres of land. the pool requires locker facilities which would be in the recreation center, so if the swimming pool is built the recreation center must also be built. also, the council has only enough flat land to build the basketball court or the baseball field. the daily usage and cost of the facilities (in $1,000) are shown below. which facilities should they build? facilityusagecost ($1,000)landswimming pool4001002recreation center5002003basketball court3001504baseball field2001005