Nick and Rodrigo form the NRC Partnership by combining the assets of their respective businesses. Nick contributes $10,000 and assets worth $90,000 (adjusted basis of $60,000) for a 1/3 interest. Rodrigo contributes $90,000 and assets worth $270,000 (adjusted basis of $150,000) for a 2/3 interest. NRC also assumes $60,000 of debt on Rodrigo's assets. What is Nick's basis in his partnership

The New Deal was a political sea change born out of the Great Depression. Which of the following is a lasting legacy of the era?

A. The government should spend more on infrastructure programs that promoted business rather than social programs. B. The philosophy that government should be used to correct the flaws of capitalism and control the economy. C. The view that government should lay the groundwork for a large, powerful, and activist worker's state. D. The government should not interfere with corporations.

The entry to record the issue for cash of 1,000 shares of $40 par common stock at $45 per share would include a ________

a. debit to Cash for $45,000 and a credit to Paid-In Capital in Excess of Par for $45,000 b. debit to Cash for $45,000, a credit to Common Stock for $40,000, and a credit to Paid-In Capital in Excess of Par for $5,000 c. debit to Cash for $5,000 and a credit to Common Stock for $5,000 d. debit to Cash for $45,000 and a credit to Common Stock for $45,000