In: Accounting
1. fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $356,000; the partnership assumes responsibility for a $128,000 note secured by a mortgage on the property. Monroe invests $103,000 in cash and equipment that has a market value of $78,000. For the partnership, the amounts recorded for total assets and for total capital account are:
2. Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $354,000; the partnership assumes responsibility for a $127,000 note secured by a mortgage on the property. Monroe invests $102,000 in cash and equipment that has a market value of $77,000. For the partnership, the amounts recorded for Fontaine's Capital account and for Monroe's Capital account are: