Fontaine and Monroe are forming a partnership. Fontaine invests in a building that has a market value of $362,000; The partnership assumes responsibility for a $131,000 promissory note secured by a mortgage on the property. Monroe invests $106,000 in cash and equipment that has a market value of $81,000. 

For the partnership, what are the amounts that recorded for the Fontaine Capital account and the Monroe Capital account?

Answer rating: 100% (QA)

To determine the amounts recorded for the Fontaine Ca... View the full answer