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Fontaine and Monroe are forming a partnership. Fontaine invests in a building that has a market value of $362,000; the partnership assumes responsibility for a
Fontaine and Monroe are forming a partnership. Fontaine invests in a building that has a market value of $362,000; the partnership assumes responsibility for a $131,000 note secured by a mortgage on the property. Monroe invests $106,000 in cash and equipment that has a market value of $81,000. For the partnership, the amounts recorded for Fontaine's Capital account and for Monroe's Capital account are:
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