Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $336,000; the partnership assumes responsibility for a $118,000 note secured by a mortgage on the property. Monroe invests $93,000 in cash and equipment that has a market value of $68,000. For the partnership, the amounts recorded for total assets and for total capital account are:

Multiple Choice

Total assets $497,000; total capital $497,000.

Total assets $615,000; total capital $615,000.

Total assets $379,000; total capital $497,000.

Total assets $379,000; total capital $379,000.

Total assets $497,000; total capital $379,000.