Forman and Berry are forming a partnership. Forman will invest a building that currently is being...

 

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Forman and Berry are forming a partnership. Forman will invest a building that currently is being used by another business owned by Forman. The building has a market value of $80,000. Also, partnership will assume responsibility for a $20,000 note secured by a mortgage on that bulding. Berry will invest $50,000 cash. For the partnership, the amounts to be recorded for the buildin for Forman's Capital account are: Building. $60.000 and Forman, Capital, $80,000. Building. $80.000 and Forman, Capital, $80.000 Building, $60,000 and Forman, Capital, $60,00o. Building, $60,000 and Forman, Capital, $50,000. O Building, $80,000 and Forman, Capital, $60,000. Forman and Berry are forming a partnership. Forman will invest a building that currently is being used by another business owned by Forman. The building has a market value of $80,000. Also, partnership will assume responsibility for a $20,000 note secured by a mortgage on that bulding. Berry will invest $50,000 cash. For the partnership, the amounts to be recorded for the buildin for Forman's Capital account are: Building. $60.000 and Forman, Capital, $80,000. Building. $80.000 and Forman, Capital, $80.000 Building, $60,000 and Forman, Capital, $60,00o. Building, $60,000 and Forman, Capital, $50,000. O Building, $80,000 and Forman, Capital, $60,000.

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Correct option is e Building 80000 an... View the full answer