Partner $C$ contributes an asset with a fair value of $$5,000$ but a

book value of $$3,500.$ How is this contribution recorded in the

partnership?

a$)$ Debit Cash $$5,000,$ Credit C$,$ Capital $$5,000$

b$)$ Debit Asset $$5,000,$ Credit C$,$ Capital $$5,000$

c$)$ Debit Asset $$3,500,$ Credit C$,$ Capital $$3,500$

d$)$ Debit Asset $$5,000,$ Credit Cash $$3,500$