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The partnership assumes a 20000 mortgage on the land what

Peggy Black and Glenda Barclay form a partnership. Black contributes land with a book value of $50,000 and a fair value of $75,000. Black also contributes equipment with a book value of $52,000 and a fair value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should be the balance in Black"s capital account upon formation of the partnership?

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Accounting Basics: The partnership assumes a 20000 mortgage on the land what

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Accounting Basics: The partnership assumes a 20000 mortgage on the land what

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