Thomas Engel contributed equipment, inventory, and $45,000 cash to the partnership. The equipment had a book value of $25,000 and market value of $30,000. The inventory has a book value of $50,000 but only had a market value of $25,000 due to obsolescence. The partnership also assumed a $20,000 note payable owed by Thomas that was originally used to purchase the equipment.

What amount should Thomas's capital account be recorded?