Capital account be recorded

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Reference no: EM13750297

Robert johnson contributed, equipment, inventory, and $42,000 cash to the parnership. the equipment had a book value of $25,000 and market value of 28,000. The inventory has a book value of $50,000 but only had a market value of $15,000 due to obsolescense. the partnership also assumed a $12,000 note payable owed by robert that was originally used to purchase the equipment.

What amount should Robert's Capital account be recorded?

a. $85,000

b. $73,000

c. $117,000

d. $105,000

Reference no: EM13750297

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