Market value of the equipment
On January 8th, Damien Lawson transfers ownership of several pieces of office equipment to his new business, JumpStart. When new, these items were worth $72,500. The fair market value of the equipment is $60,000. Journalize this transfer.
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On November 10th, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600.00 in cash and put the balance on account.
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