A Partner Invests into a Partnership a Building with an Original

question 194

Multiple Choice

A partner invests into a partnership a building with an original cost of $90,000 and accumulated depreciation of $40,000. This building has a $70,000 fair market value. As a result of the investment, the partner's capital account will be credited for

• A) $70,000.
• B) $50,000.
• C) $90,000.
• D) $120,000.