On January 1, 2020 Barr and Sessions decided to form a partnership called BS Associates. Barr contributed Cash $65,000; Equipment which originally cost $30,000 and accumulated depreciation of $16,000 and whose market value that date was $11,000; and Accounts Payable of $5,000. Sessions contributed Cash $20,000; and land which was purchased for $100,000 ten years ago but is now worth $180,000. There is also a mortgage of $50,000 on the land