Forman and Berry Are Forming a Partnership

question 124

Multiple Choice

Forman and Berry are forming a partnership.Forman will invest a building that currently is being used by another business owned by Forman.The building has a market value of $80,000.Also,the partnership will assume responsibility for a $20,000 note secured by a mortgage on that building.Berry will invest $50,000 cash.For the partnership,the amounts to be recorded for the building and for Forman's Capital account are:

• A)Building,$80,000 and Forman,Capital,$80,000.
• B)Building,$60,000 and Forman,Capital,$60,000.
• C)Building,$60,000 and Forman,Capital,$50,000.
• D)Building,$80,000 and Forman,Capital,$60,000.
• E)Building,$60,000 and Forman,Capital,$80,000.

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