Steve owns 64% and Mark owns 36% of a partnership business. They purchase equipment with a suggested value of $9600. The current market value of the equipment at the time of purchase was $9100. At the time of the balance sheet preparation, depreciation of $160 was recorded. Based on the information provided, which of the following is TRUE of the partnership?
A) The Equipment account will be debited at $9100 on the date of purchase.
B) The Equipment account will be debited at $8940 on the date of purchase.
C) The Equipment account will be debited at $9600 on the date of purchase.
D) The Equipment account will be debited at $9440 on the date of purchase.
A) The Equipment account will be debited at $9100 on the date of purchase.
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