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Chen and Wright are forming a partnership. Chen will invest a building that currently is being used by another business owned by Chen. The building

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Chen and Wright are forming a partnership. Chen will invest a building that currently is being used by another business owned by Chen. The building has a fair market value of $35,000. Also, the partnership will assume responsibility for a $15,000 note secured by a mortgage on the building. Wright will invest $10,000 cash. On the books of the partnership, the amount to be recorded for the building and credit to Chen's capital account are

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