Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $330,000; the partnership assumes responsibility for a $115,000 note secured by a mortgage on the property. Monroe invests $90,000 in cash and equipment that has a market value of $65,000. For the partnership, the amounts recorded for total assets and for total capital account are:

• Total assets $485,000; total capital $485,000.

• Total assets $485,000; total capital $370,000.

• Total assets $370,000; total capital $485,000.

• Total assets $370,000; total capital $370,000.

• Total assets $600,000; total capital $600,000.