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Alan and barret form a partnership allan contributes

Allan and Barret form a partnership. Allan contributes $ 28,000 cash and merchandise inventory with a current market value of $ 55,000 . Barret contributes $ 7,000 in cash and land with a current market value of $ 20,000 (cost of $ 5,000 ). Which of the following is correct?

A.Barret, Capital is credited for $ 27,000.B.Barret, Capital is credited for $ 12,000.C.Barret, Capital is debited for $ 12,000.D.Barret receives a bonus of $ 20,000 from Allan.

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Accounting Basics: Alan and barret form a partnership allan contributes

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