1. fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market...

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:

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ekkarill92 answered 3 months ago

5/ Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market...

5/ 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: Multiple Choice Total assets $409,000; total capital $537,000. Total assets $409,000; total capital $409,000. Total assets $665,000;...

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