As part of the initial investment, Ray Blake contributes equipment that had originally cost $117,800 and on which accumulated depreciation of $88,350 has been recorded. If similar equipment would cost $140,000 to replace and the partners agree on a valuation of $53,200 for the contributed equipment, what amount should be debited to the equipment account? Oa. $140,000 Ob. 539,900 Oc. $117,800 Od. $53,200