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When two proprietors decide to combine their businesses and form a partnership, gaap usually requires that noncash assets be taken over at their _______ on the date of the partnership.

Aresidual value
Bbook value
Cfair market value
Dhistorical cost

Verified Answer :

when proprietors decide to combine their business and form a partnership, gaap usually requires that non cash assets be taken over at : C. fair market vale
The data will be used to calculate the percentages of ownership of each combined companies

hope this helps

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