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problem: Trump and Hawthorne have decided to form a partnership. Trump is going to contribute a depreciable asset to the partnership as his equity contribution to the partnership. The following data regarding the asset to be contributed by Trump is available:

Historical cost of the asset USD 76,000

Accumulated depreciation on the asset USD 40,000

Note payable secured by the asset *USD 18, 000

Agreed upon market value of the asset USD 45, 000

*will be assumed by the partnership

Based on this data, Trump’s beginning equity balance in the partnership will be:

[A]      18,000

[B]     27,000

[C]     45,000

[D]     $76,000

[E]     36,000

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