How much is the total asset of partnership upon formation

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Question - Bonnie and Clyde enters into a partnership agreement in which Bonnie is to have 40% interest in the partnership and 35% in the profits and losses, while Clyde will have 60% interest in the partnership and 65% in the profits and losses. Bonnie contributed the following: Cost Fair value

Building 235,000 255,000

Equipment 168,000 156,000

Land 500,000 525,000

The building and the equipment has a mortgage of 50,000 and 35,000 respectively. Clyde is to contribute 150,000 cash and equipment. The partners agreed that only the building mortgage will be assumed by the partnership.

Required -

How much is the fair market value of the equipment which Clyde contributed?

How much is the total asset of the partnership upon formation?

Reference no: EM132855659

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