Question: Mark & Johnny formed a partnership. Mark contributed Land with a fair value of $60,000 and book value of $50,000 plus cash. Johnny contributed $130,000

Mark & Johnny formed a partnership. Mark contributed Land with a fair value of $60,000 and book value of $50,000 plus cash. Johnny contributed $130,000 cash for 65% claim in the partnership's assets. How much is the cash contribution of Mark?

a. 20,000

b. 70,000

c. 60,000

d. 10,000

Need answers by 11:00am-11:20am today so a very short explanation will do. Thank you

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