Albie wishes to form a partnership with Skippee. Albie will contribute the following assets: $ 70,000 Cash. Building Original cost. Acc. Deprec... Fair value..... 90,000 60,000 120,000 Land Cost........... 10,000 Fair value... 50,000 The new partnership will also take over $60,000 of accounts payable from Albie's sole proprietorship. Skippee will contribute $50,000 of cash to the partnership. They will share profits and losses equally, Instructions: In the space below, prepare the journal entry to record Albie's contribution of assets and liabilities to the partnership. a. What is Skippee's opening capital balance