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newland and palernmo form a partnership.newland contributes land with a book value of $50,000 and a fair value of 60,000. Newland also contributes equipment with

newland and palernmo form a partnership.newland contributes land with a book value of $50,000 and a fair value of 60,000. Newland also contributes equipment with a book value of 52,000 and a affair value of 57,000 the partnership assumes a 20,000 mortgage on a land. what should be the balance in new lands capital account upon formation of a partnership?

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