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Griffin and Rhodes formed a partnership on January 1, 2009. Griffin contributed cash of $120,000 and Rhodes contributed land with a book value of $

Griffin and Rhodes formed a partnership on January 1, 2009. Griffin contributed cash of $120,000 and Rhodes contributed land with a book value of $ 110,000. The partnership assumed the mortgage on the land which amounted to $40,000 on January 1. How much should have been credited to Rhodes

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