Stokely and Leder are forming a partnership. Stokely invests a building that has a market value of $250,000; and the partnership assumes responsibility for a $50,000 note secured by a mortgage on that building. Leder invests $100,000 cash.

For the partnership, the amounts recorded for the building and for Stokely’s Capital account are:

a. Building, $250,000; Stokely, Capital, $250,000.

b. Building, $200,000; Stokely, Capital, $200,000.

c. Building, $200,000; Stokely, Capital, $100,000.

d. Building, $200,000; Stokely, Capital, $250,000.

e. Building, $250,000; Stokely, Capital, $200,000.

AppendixLO1