Question - Robert Johnson contributed equipment, inventory, and $42,000 cash to the partnership. The equipment had a book value of $25,000 and market value of $28,000. The inventory has a book value of $50,000, but only had a market value of $15,000. due to obsolescence. The partnership also assumed a $12,000 note payable owed by Robert that was originally used to purchase the equipment.
What amount should Robert's capital account be recorded.
a. 85,000
b. 73,000
c. 117,000
d. 105,000