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problem: Chen and Wright are forming a partnership. Chen will have invested a building that currently is being used by another business owned by Chen. The building has a market value of USD 90,000. Also, the partnership will assume responsibility for a USD 30,000 note secured by a mortgage on that building. Wright will invest USD 50,000 cash. For the partnership, the amount recorded for the building and for Chen’s Capital account are:

[A]     Building USD 60,000 Chen Capital USD 50,000

[B]     Building USD 90,000 Chen Capital USD 60, 000

[C]     Building USD 60,000 Chen Capital USD 90,000

[D]     Building USD 90,000 Chen Capital USD 90,000

[E]      Building USD 60,000 Chen Capital USD 60,000

 

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