As part of the initial investment, a partner contributes equipment that had originally cost $110,000 and on which accumulated depreciation of $85,000 has been recorded. If similar equipment would cost $140,000 to replace and the partners agree on a valuation of $45,000 for the contributed equipment, what amount should be debited to the equipment account? a. $45,000 b. $85,000 c. $140,000 d. $110,000