8. G and R formed a partnership on January 1, 2019. G contributed cash of...
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Accounting
8. G and R formed a partnership on January 1, 2019. G contributed cash of $120,000 and R contributed land with a fair value of $160,000. The partnership assumed the mortgage on the land that amounted to $40,000 on January 1. R originally paid $90,000 for the land. On July 31, 2019, the partnership sold the land for $190,000. Assuming G and R share profits and losses 50% each, how much of the gain from sale of land should be credited to G for financial accounting purposes?
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