In a newly formed partnership one partner, Zace Simms, contributed a building he originally purchased for $80,000. The building currently has a fair market value of $100,000. What is the journal entry to record Zack's contribution to the partnership? Debit Zack Simms, Capital $80,000 and Credit Building $80,000. Debit Building $100,000 and Credit Zack Simms, Capital $100,000. Debit Building $80,000 and Credit Zack Simms, Capital $80,000. Debit Zack Simms, Capital \$100,000 and Credit Building $100,000