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Collins and Farina are forming a partnership. Collins is investing a building that has a fair market value of $80,000 and subject to a $56,000

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Collins and Farina are forming a partnership. Collins is investing a building that has a fair market value of $80,000 and subject to a $56,000 mortgage (liability). Farina is investing $20,000 cash. The balance of Farina's capital account will be $20,000 $44.000 $24,000 $80,000

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