Buy Used Office Furniture

In a single owner LLC when the owner contributes, personal assets, lets say a computer or furniture to his/her start-up, my understanding is that the journal entry is this:
Assets debit $VALUE
Owner contributions (equity) $VALUE

What can the $VALUE be if the equipment was bought a few years ago and there is no receipt or the owner is unsure about the price paid? Who has the burden of proof and what kind of proof is needed?

Secondly, can a business then depreciate or expense (through Section 179) that equipment using the $VALUE as the basis?

HUMANSCALE FREEDOM ERGONOMIC OFFICE COMPUTER DESK CHAIR    US $102.50

New Hammary Furniture Mahogany Regency Home Office Desk    US $103.01

All Weather Patio Wicker Furniture 5pcs Lounge Set New    US $299.00

BLACK LACQUER BEDROOM UNIT SET FURNITURE QUEEN FRAME    US $199.00

Thomasville Furniture Irving Park Queen Sleigh Bed NR    US $610.01

Lane Top Grain Leather office Chair    US $100.99

MESH ERGONOMIC COMPUTER OFFICE DESK CHAIR WITH HEADREST    US $299.95

Herman Miller Aeron Office Chair Retro Size B    US $551.17

Related posts:

1. What expense category do accountants use on Schedule C when expensing items that should be depreciated?
2. What happens to items I’ve expensed when I quit my telecommuting job?
3. On transfering an office desk phone, how to transfer and keep the extension number of the owner?
4. how do we find net income?
5. Selling a used computer?

Filed under:
How to price used furniture by eranio