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What short capital account as of july should be

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Problem 1: On July 1, 2020, Long and Short formed a partnership. Long contributed cash. Short, previously a sole proprietor, contributed property other than cash, including a real property subject to a mortgage, which the partnership assumed. Short's capital account as of July 1, 2020, should be recorded at:

A. Short's book value of the property less mortgage payable on July 1, 2020

B. Short's book value of the property on July 1, 2020

C. The fair value of the property less mortgage payable on July 1, 2020

D. The fair value of the property on July 1, 2020

Reference no: EM132741759

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