Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market...
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Accounting
Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $340,000; the partnership assumes responsibility for a $120,000 note secured by a mortgage on the property. Monroe invests $95,000 in cash and equipment that has a market value of $70,000. For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:
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